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September is Life Insurance Awareness Month

September is Life Insurance Awareness Month

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September is Life Insurance Awareness Month

September is Life Insurance Awareness Month.

According to a LIMRA study published in 2017, from 2004-16, the individual and household mean life insurance coverage increased. For each person with coverage, the mean life insurance coverage increased from $102,518 in 2004, $115,804 in 2010 and $126,971  in 2016. The mean household coverage jumped 37 percent from 2010 to 2016 to $235.649.

Reasons for Owning Life Insurance

In the same report, LIMRA asked why people were buying life insurance. Here is the breakdown of reasons given:

Reason for Owning Pct.
To cover burial, other final expenses 58%
To help replace income of primary wage earners 41%
To transfer wealth or leave an inheritance 31%
To pay off the mortgage 28%
To pay for estate taxes or pay bills for the estate 23%
To provide funds for a college education 19%
For business purposes, such as partnership buy-sell 8%
As a way to make a charitable gift 7%

From 2017 Employment-Based Life Insurance Ownership Trends, LIMRA


Learn more about life insurance

10 Things You Should Know About Life Insurance

Rethinking life insurance

Term to Permanent Life Insurance

Using life insurance for business needs

Learn more about OneAmerica life insurance products

Whole Life

Term Life

Universal Life

Long-term care

Workplace plans

Group Life

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