Which entity emerges as the most triumphant during Life Insurance Awareness Month?
In an effort to bridge the gap between the need for life insurance and the lack of understanding about its importance, Life Happens has launched Life Insurance Awareness Month (LIAM). Each September, this initiative aims to educate consumers about the crucial role of life insurance in financial planning.
The need for life insurance is particularly acute among households with annual incomes of less than $50,000, consumers who identify as Hispanic or Black, adults aged 18 to 60, and women. A recent study revealed that more than three-quarters of young adults do not understand life insurance products or the underwriting process, which contributes to the significant need gap affecting about 100 million Americans.
Social media has emerged as a convenient and comfortable medium for educating people about life insurance, making it a good fit for LIAM. The trend of using social media for insurance and financial research has grown significantly, with 62% of adults, including 80% of those under age 45, using social media when they research insurance and financial products.
LIAM offers opportunities for agents and advisors to differentiate themselves, market their businesses, and connect with clients. Financial professionals are crucial in reducing the need gap, as they are consumers' most important resource. Life Happens provides LIAM-themed content and educational materials, including impactful social media graphics and messaging, to make financial professionals more valuable to their clients and communities.
The 2025 Insurance Barometer Study, conducted by Life Happens, reveals that a lack of knowledge about life insurance is a major obstacle for American adults acquiring necessary coverage. Consumers perceive life insurance as being too expensive, but the study shows that they significantly overestimate its cost. For instance, young adults aged 18 to 30 perceive the cost of life insurance to be 10 to 12 times higher than the actual cost, while those aged 31 to 35 overestimate the cost five to seven times.
However, those who do understand life insurance are much more likely to have adequate coverage. By reducing the knowledge gap, LIAM helps address the need gap. Life Happens, the organisation coordinating LIAM, produces a robust suite of content for NAIFA members and corporate partners to use during LIAM.
Brian Steiner, the executive director of Life Happens, can be contacted at [email protected] for more information about LIAM and how to get involved. The initiative encourages everyone to take a step towards financial security by learning more about life insurance and discussing their options with a trusted financial professional.
