We don’t need Life Insurance Awareness Month

By Brian Steiner

What did you think when you read that headline?

Shock? Confusion? A feeling that you were missing something?

That’s not surprising, because the truth is 102 million Americans know that they need life insurance — or more of it, according to the “2024 Insurance Barometer Study” that the nonprofit Life Happens conducts with LIMRA. This number doesn’t even count those who may need life insurance and don’t realize they do.

Another truth is: We do need September’s LIAM campaign. Here is why it’s important.

» Only 51% of Americans say they have life insurance. That’s a key reason Life Happens created LIAM 21 years ago: We need to continue raising awareness with consumers about the importance of life insurance, now and into the future. Additionally, the majority of Generation Z has come of age and that means we can start educating them about this important financial tool from the start of adulthood.

» It gives you an “excuse” to reach out to your clients and prospects. “Hey, did you know that September is Life Insurance Awareness Month? I always make a point to reach out to all my clients to …” Well, you get the idea — fill in with your form of outreach and let’s get these life insurance conversations going. Whichever means your client or prospects prefer (and compliance is OK with) — email, phone call, text, social media — get that message out there.

» People are looking for your help. One of the top three reasons that people don’t get life insurance, even though they know they need it, is because they say they “don’t know how much or what type to buy.” This is the excuse that almost one-third of millennials give for not having coverage. Again, this statistic from the “Barometer Study” underlines how important it is that financial and insurance professionals fill that gap with their knowledge and get their clients and prospects to take that next step and get coverage.

» The national spotlight is on life insurance in September. That’s the beauty of an awareness month: It’s about community. It’s the time when the whole industry is focused on spreading the message about the importance of life insurance and helping people get the coverage they need. Remember, a rising tide lifts all boats, so make sure you have your boat in the water in September.

So, how do you get started and join in on the high energy of September’s LIAM? Start here:

» Use lifehappens.org. This consumer-facing nonprofit site is a go-to for consumers to get unbiased information about life insurance. The No. 1 visited page — and for good reason — is the Life Insurance Needs Calculator, which you can find at www.lifehappens.org/howmuch. This way, you can have your prospects and even underinsured clients go there and “do their own math.” It’s very powerful for them to come up with a number for the amount of coverage they need. It’s “their” number, then, not yours.

» Share Real Life Stories. The website also has a wealth of videos that show how a family or business benefited from life insurance during life’s most difficult times. From families with small children, to small businesses keeping Main Street alive, there are life insurance stories that you can share to underscore the value that life insurance brings.

» Get social. I recommend that you follow Life Happens on social media, especially on Facebook and Instagram for consumer info. From there, you can easily share the educational posts — graphics and videos you see there with your followers. And people are eager for this kind of education on social media. In fact, the “Barometer” showed that 6 in 10 people say they use social media for financial education.

» Take your outreach up a notch. If you want to post content in your social media feeds, send LIAM emails and use videos natively. There is a wealth of LIAM content already created for you. The companies that support Life Happens are all in on their LIAM plans, so please reach out to your home office or company contact to find out what LIAM plans they have in place and how to access your LIAM content. Additionally, if you are a member of NAIFA, you automatically get a range of LIAM resources as a member benefit through the website. If you aren’t a member, what better time to join than now?

Be sure to take advantage of this great opportunity to help your prospects and clients get more coverage. I’d love to hear how you are taking advantage of LIAM. Feel free to reach out and let me know at [email protected].