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LIAM serves as the biggest yearly campaign for Life Happens, a nonprofit organization founded in 1994 by industry leaders who identified a critical need to bring life insurance education to a broader audience.
“Every month is Life Insurance Awareness Month for us,” said Dan Scroggins, VP, Personal Lines Insurance, AAA Club Alliance, “but the industry takes September to really shine a light on the need for people to think about taking care of their families.”
According to the 2023 Insurance Barometer Study, Life Happens and the Life Insurance Marketing and Research Association (LIMRA), 101 million American adults need life insurance – or more than they currently have.
Here are some additional important facts about life insurance:
- It is probably cheaper than you think. In fact, half of Americans overestimate the cost of life insurance at more than three times the actual cost.
- It is mostly tax-free, depending on the type of product. The exception is any interest received, which is taxable and needs to be reported to the IRS.
- It gets more expensive as you get older. The younger you are, the lower the cost will be.
- The most popular reasons people buy life insurance: cover funeral expenses, replace wages of the insured, and to leave an inheritance.
“The best thing about life insurance is that the beneficiary can use it for anything: general expenses or funeral expenses, to pay off a mortgage, or to send their kid to college,” Scroggins explained. “Some people use it to offset estate costs, so they buy a life insurance policy to make sure that their kids have an inheritance when that moment eventually happens.”
For more information about Insurance at AAA, visit cluballiance.aaa.com/insurance.