Life Insurance Awareness Month

It's Life Insurance Awareness Month: Are your ducks in a row?

Although two-thirds of Americans consider life insurance a necessity that number drops to little over half who personally own coverage, claim industry researchers encouraging people to take their own advice and start planning.

"It’s clear that education about life insurance and related products is key to helping people get coverage."

The 2019 Insurance Barometer Study, an annual consumer snapshot from trade groups Life Happens and LIMRA, tracks financial perceptions, attitudes and behaviors of Americans with an emphasis on life insurance. And what they found this year is concerning—life insurance coverage is trending downward at 57% (2019) versus 63% (2011).

Insufficient or no life insurance coverage can have severe consequences following the loss of a primary wage earner, the report notes, with four in 10 households having difficulty paying living expenses in that case. That's why there's never been a better time to plan for your family's financial future.

September is Life Insurance Awareness Month, an observance dedicated to educating Americans' about the importance of including life insurance in their financial plans and helping them find the coverage they need. Moreover, it helps drive awareness about how life insurance can provide comprehensive protection in the event of tragedy.

Life insurance benefits go beyond covering funeral expenses, they also help:

  • Pay bills and living expenses
  • Pay off outstanding debt, including credit cards and mortgage
  • Help keep a family business afloat
  • Finance future needs, such as a child's education
  • Protect a spouse's retirement plans

"It's clear that education about life insurance and related products is key to helping people get coverage," says Faisa Stafford, president and CFO of Life Happens, in a news release. "If they don't understand what it is and more importantly why they—personally— need it, they won't be motivated to buy the coverage."

Have you done everything to prepare your family for the financial blow that could result from your death? If you're like 117 million Americans who say they're more likely to seek life insurance if the process is simple, fast and transparent, then AOAExcel® has an offer for you.

Excel at life planning

Regardless of practice situation, the life insurance coverage that many doctors of optometry currently have may not be enough to take care of their families. However, the good news is that AOAExcel offers that peace of mind through group term and individual term life insurance for AOA members. Administered by AOAExcel Endorsed Business Partner AGIA, these disability and life insurance products are specifically negotiated plans that serve as convenient, affordable options to help secure doctors' futures.

As an AOA member under age 65 (residing in the U.S.), doctors and their spouses can apply for up to $750,000 in AOA's Opti-Life coverage as a supplementary 'add-on' to any coverage currently owned. This plan also offers features that may make this group term life coverage stand out, including:

  • An accidental death benefit that doubles your life benefit amount in the event of a fatal accident, automatically included at no additional cost;

  • An accelerated death benefit that allows beneficiaries to collect up to 50% of life benefits before death in the event of a terminal diagnosis with under 12 months to live;

  • Coverage that continues at no cost to the beneficiary in the even of total disability before age 60 and the disability continues for at least six consecutive months.

Coverage may not be available in all states, so contact the plan administrator for more information and click here to apply today.

Click here to read why this 23-year-old young professional chose a life insurance plan, and learn how new graduates can receive one full year of term life insurance at no cost, compliments of AOA and AOAExcel.

Click here for a brochure, "What you need to know about life insurance."

September 5, 2019

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