September 2016 marks the second annual Life Insurance Awareness Month in Ohio, and Lt. Gov. Mary Taylor, R-Ohio, is urging Ohioans to take life insurance seriously.
Taylor announced last year that September will serve as Ohio’s Life Insurance Awareness Month. This year’s LIAM is bolstered by Taylor’s new “Think Again” campaign, announced earlier this year.
“Think Again” serves to raise awareness about the importance of various types of insurance and also to spread valuable information about how to become fully insured.
Life insurance assists in paying immediate expenses, including uncovered medical costs, funeral expenses, final estate settlement costs, taxes and other lump-sum obligations such as outstanding debts and mortgage balance. It also can cover future financial expenses like living costs, college tuition, and retirement money, according to a press release from the Ohio Department of Insurance.
Despite the benefits, more than four out of every 10 people do not own a life insurance policy in any capacity. One in three American households would have trouble paying for expenses if their primary wage earner died unexpectedly, according to a press release from the Ohio Department of Insurance.
Additionally, finding a proper life insurance policy may not be a high priority among young people or young families. Some of the policies, such as insurance in the case of a dying family member, may not seem necessary.
“Think Again” focuses on different concerns for the various generations of Ohioans, encouraging older generations to share financial knowledge with their families and pushing younger generations to become educated on the often confusing details of insurance.
“The Think Again initiative is empowering family members and friends to talk about and plan for a financially fit and insurance-ready future,” said Taylor, who is also the director of the Ohio Department of Insurance. “Life insurance is an important part of that picture and should be carefully evaluated.”
Similarly, LIAM focuses on different concerns for various ages. Last year, the Department of Insurance gave advice for younger singles and families. The program emphasizes both the importance of having an insurance policy and of finding a policy that will work for a possibly limited budget.
Established families and seniors are encouraged to update their policies, and some special circumstances — such as recently single parents or those in the military — are appropriately covered as well.