Study: More Than 40 Percent Of Americans Have No Life Insurance

by · September 4, 2018

A new study shows that while 84 percent of Americans say that most people need life insurance, only 68 percent say they personally need it and only 59 percent own some form of it¹.

This is why September’s Life Insurance Awareness Month (LIAM) is such an important event. This national educational campaign, which is coordinated by the nonprofit organization Life Happens, is designed to get consumers to take stock of their life insurance needs and protect their loved ones with proper insurance planning.

This year, the campaign’s theme is “A Journey to Financial Fitness,” and Danica Patrick, professional athlete and entrepreneur, is the spokesperson for Life Insurance Awareness Month.

“I’m on a personal journey, as I transition from the world of racing to a time when I can turn my hobbies and passions into what I do full time!” says Danica. “I’ve been a big advocate of life insurance since I began in racing, and it continues to be important as I grow my businesses, so I’m thrilled to carry the message to as many Americans as possible.”

“Foresters is proud to support the annual LIAM campaign so that everyone can learn more about how life insurance can help protect them and their family,” said Knut Olson, President, North American Life Insurance and Annuity at Foresters Financial. “This campaign also fits perfectly with Foresters goal of raising financial literacy for our clients and members.”

“The reason why many people don’t like to think about life insurance is because they see it as only a death benefit and most people prefer not to think about their own mortality.” said Bill Stevens, Senior Vice President of Retail Sales for Foresters Financial Services, Inc. “The good news is that life insurance can be so much more than just death benefit! It can also include many living benefits. Life insurance awareness month highlights this and gives people a great opportunity to contact one of our advisors to discuss and implement the right protection to fit what they want out of life.”

¹2018 Insurance Barometer Study, by Life Happens and LIMRA.

About Life Happens

Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Its only interest is seeing that consumers get the coverage they need to protect themselves and their loved ones. For more information, visit lifehappens.org.

About Foresters Financial

Foresters Financial is an international financial services provider with more than three million clients and members in Canada, the United States and the United Kingdom. We provide life insurance, savings, retirement and investment solutions that help families achieve their financial goals and make a lasting difference in their lives and communities. Foresters Financial has assets of $17.7 billion, liabilities of $15.7 billion, total funds under management of $45.1 billion and a surplus of $2 billion (all figures in Canadian dollars as of December 31, 2017). For more information, visit foresters.com.

Foresters Financial and Foresters are the trade names and trademarks of The Independent Order of Foresters, a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9 and its subsidiaries, including Foresters Financial Holding Company, Inc. (FFHC). Foresters Financial Services, Inc. is a registered broker-dealer and subsidiary of FFHC. All securities, life insurance and annuity products are offered through Foresters Financial Services, Inc. Insurance products are issued by Foresters Life Insurance and Annuity Company or The Independent Order of Foresters. Foresters Financial does not provide legal, estate planning, or tax advice.