September is Life Insurance Awareness Month and Gov. Scott underscores the importance of life insurance

September is Life Insurance Awareness Month and Gov. Scott underscores the importance of life insurance

September 14th, 2011 // 6:58 pm @

Gov. Rick Scott has proclaimed September 2011 as Life Insurance Awareness Month (LIAM) in Florida.   Noting that nearly 95 million Americans have no life insurance and many more have less than what experts recommend, Gov. Scott said that during tough economic times, like we are experiencing, life insurance is more important than ever as many Floridians have even fewer resources to fall back on in the event of tragedy.   

Additionally, the industry holds $5 trillion in assets, much of which is invested in many segments of the economy and billions is invested here in Florida.  The industry paid out more than $59 billion, over a one year period, to beneficiaries according to the most recent statistics from the National Association of Insurance Commissioners.  In Florida that figure was $5 billion.

The fact is, each year a significant number of Americans (600,000) die prematurely.  In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female the odds are 1 in 9.  When a premature death occurs, insufficient life insurance coverage on the part of the insured results in 75 percent of surviving family members having to take measures to meet financial obligations, such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.

Written by:  Bob Lotane, NAIFA-Florida

Be Sociable, Share!

Category : Uncategorized

Leave a Reply