September is Life Insurance Awareness Month

It’s a great opportunity to remember why you have coverage and to review your current situation.

We’ve been taught to consider life insurance when life is good – when getting married, expecting a child, or moving into a home—as it’s a natural time to consider your family’s financial security. But what about in tough times? The coronavirus pandemic has raised awareness about the need for life insurance and more people are considering coverage now that life hasn’t been so good. You may still be feeling the effects of the virus and the accompanying economic fallout, and it’s during these uncertain times that protecting your family is more important than ever.

Have you:

• Lost a job? Unemployment in the U.S. is expected to reach unprecedented levels. If you’ve lost a job or are worried about your job security, you should know that term life insurance can be very affordable, and it provides a valuable safety net. Unlike employer-sponsored coverage, your individual plan stays with you—whether you’re employed or not. If you’re recently unemployed and don’t have coverage, you can still apply for life insurance, and the sooner you get started, the better.
• Accumulated extra debt? Perhaps you’ve been able to defer your loan payments. While a temporary reprieve may have helped you get through the current crisis, your debt likely hasn’t gone away. If you’re carrying significant debt like student loans that would be assumed by loved ones, you should consider life insurance.
• Moved forward with a life event? Congratulations! If you’ve gotten married, would your new spouse be able to keep your home, pay off debts, and maintain your savings and investments if something were to happen to you? If you’ve welcomed a new baby, would his or her future financial needs be met? Life insurance provides security for the people you love.

This year has proven that life is fragile and the future unpredictable. Life Insurance Awareness Month is the perfect time to take stock of the current situation. Whether you’re purchasing insurance for the first time, or need to increase your coverage to meet mounting financial obligations, group life insurance through the Alumni Benefits Program has options to meet a variety of needs.

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