Losing a loved one is emotionally devastating and can also cause family financial duress if proper planning is overlooked. A recent national study revealed that one in three U.S. households would have difficulty paying living expenses if the primary wage earner died.
As part of Lieutenant Governor Mary Taylor’s “Think Again” insurance initiative to help Ohioans across all age groups be insurance ready, Taylor and Governor John Kasich have designated September as Life Insurance Awareness Month.
“The Think Again initiative is empowering family members and friends to talk about and plan for a financially fit and insurance-ready future,” said Taylor, also director of the Ohio Department of Insurance. “Life insurance is an important part of that picture and should be carefully evaluated.”
Life insurance proceeds can help family members pay immediate expenses and future financial obligations. Unfortunately, an estimated 40 percent of the population has not purchased life insurance or expanded their coverage because they are unsure of what to buy, according to the study.
Coverage is often provided by employers, but Ohioans can also purchase life insurance from an agent, who can help determine the right policy for each family situation, Taylor said.
Taylor offered these important considerations:
- Choose a policy that has benefits that most closely fit your and your family’s needs.
- Be mindful that it may be costly to cancel coverage during the policy’s early years.
- Take a long-term look at how premiums may fit your future budgets.
- Don’t sign an application that has not been completely and accurately filled in and dated.
For more information about life insurance such as questions to ask and considerations by life stage for making a purchase, visit www.insurance.ohio.gov or call the Ohio Department of Insurance at 1-800-686-1526. You can also contact the department for search assistance if you think you’re a beneficiary to a missing life insurance policy or annuity.
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