FORT WAYNE, Ind. (WOWO) — September is Life Insurance Awareness Month, and financial professionals are encouraging families to take a closer look at their life insurance coverage.
The National Association of Insurance and Financial Advisors, or NAIFA, says many Americans may not fully understand how much coverage they need or what type of policy is right for them.
According to the 2026 Insurance Barometer Study from LIMRA and Life Happens, nearly 40% of adults say they are only somewhat knowledgeable or not knowledgeable at all about life insurance.
The study also found adults ages 18 to 30 estimate the cost of a typical term life insurance policy at five to six times more than the actual cost.
Among people who say they need more life insurance, the top reason for not having enough coverage is the belief that it costs too much.
NAIFA says major life events, including getting married, having a child, buying a home or changing jobs, can be good opportunities to review coverage.
Financial professionals can also help consumers understand the differences between term and permanent life insurance and determine how much coverage may be appropriate.
NAIFA is offering local financial professionals for interviews throughout September to discuss life insurance and common misconceptions surrounding coverage.
