September is Life Insurance Awareness Month, a nationwide campaign that encourages families to take a closer look at their protection. At Hibbs Insurance, this observance isn’t just a single-month observance. This month is a genuine opportunity to help our Kentucky neighbors understand how life insurance safeguards their loved ones. Life Insurance Awareness Month reminds us that, while contemplating mortality is never easy, planning ahead provides peace of mind.
Why Life Insurance Awareness Month Matters
Life insurance exists to replace lost income and pay final expenses so that family members aren’t left with financial burdens. Your need for coverage changes over time; for example, a single adult may need minimal coverage, while households with young children often need more because those children depend on their parents’ income. To protect your family properly during Life Insurance Awareness Month, think about future obligations like mortgages, college tuition, caregiving for elderly parents and your own retirement savings. Experts often recommend coverage equal to five to ten times your annual income. If your salary is $60,000, you might consider a policy of $300,000 to $600,000 to cover immediate expenses and long‑term needs. Working with an independent agency like ours ensures that your policy reflects your unique situation.
Life Insurance Awareness Month: Term vs. Whole Life
Another goal of Life Insurance Awareness Month is to demystify policy options. There are four basic types of life insurance – term life, whole life, universal and variable. Term life policies cover you for a set number of years (often 10–30) and pay a death benefit if you die within that period. They tend to be straightforward and budget‑friendly, making them ideal for young families or those seeking high coverage at a lower cost. Whole life policies, sometimes called permanent policies, provide coverage for your entire lifetime and build cash value that you can borrow against or leave as part of your estate. Universal life offers flexible premiums and death benefits, while variable life allows you to invest the cash value component. During Life Insurance Awareness Month, consider which policy type aligns with your stage in life and financial goals. Young parents may choose term life to cover the years until children are independent, whereas small‑business owners might prefer whole or universal life because of the tax‑advantaged savings element.
Assessing Your Coverage This Life Insurance Awareness Month
Once you understand the policy types, use Life Insurance Awareness Month as a reminder to evaluate your coverage. If you’ve recently married, had a child, taken on a mortgage or started a business, your existing policy might not provide enough protection. Conversely, if your children have grown up and moved out, you might be paying for more coverage than you need. Review beneficiary designations, check whether your policy has riders like critical illness or disability coverage, and confirm that the payout amount still aligns with your financial obligations. Don’t overlook employer‑provided life insurance; these policies are valuable, but they often offer limited benefits and are tied to your job.
Our family‑run agency has guided multiple generations through important life decisions. As an independent broker, we work with many insurers, giving you unbiased options and making sure your policy is tailored to your circumstances. This Life Insurance Awareness Month, let us sit down and review your needs. We’ll explain the fine print, help you compare term and permanent policies, and ensure that your coverage protects those you cherish most. If you’re unsure how much life insurance you need, or which policy is right for you, reach out. We’re here to help you plan today so your family can feel secure tomorrow.
