Governor DeWine Designates September Life Insurance Awareness Month In Ohio
COLUMBUS – Life insurance can be a critical safety net for families and loved ones when the unexpected happens. Recognizing the importance of planning ahead and protecting a family’s future, Governor Mike DeWine has designated September as Life Insurance Awareness Month in Ohio.
A recent national study found that even though nine in 10 people agree that most people need life insurance, just 60 percent say they have secured it.
“Ohioans should consider a number of steps to help protect their families, and thinking about life insurance is one of those steps,” Governor DeWine said. “I encourage Ohioans to carefully evaluate all their insurance needs with a professional and to reach out to the Ohio Department of Insurance if they have questions.”
Typically, life insurance provides money to beneficiaries selected by the insured. Coverage can be purchased directly from a company, provided as an employee benefit, or purchased through an insurance agent.
“Purchasing life insurance can help pay bills and replace lost income, but more importantly it provides families with some stability and security at a time of crisis,” Ohio Department of Insurance Director Jillian Froment said. “Consumers should talk to a life insurance professional when determining the most appropriate coverage for each family’s unique needs.”
Upon the insured’s death, life insurance proceeds could help replace the deceased’s income, fund ongoing expenses, pay the mortgage, car loan, and other debts left behind, as well as cover the deceased’s funeral expenses and estate taxes.
The amount of life insurance a person should purchase to protect their loved ones depends on many factors, including life stage, family picture, and financial standing.
Important questions a person should consider include:
• How much of the family income do I provide?
• How would my survivors, especially my children, get by?
• Does anyone else depend on me financially, such as a parent, spouse, grandparent, brother, or sister?
• Do I want to set aside money for my children to finish their education?
• How will my family pay final expenses and repay debts after my death?
• Do I have family members or organizations to whom I would like to leave money?
• Will there be estate taxes to pay after my death?
Consumers should annually review their life insurance coverage as well as annual policy notices they receive and contact the company or an agent directly to discuss any concerns.
For more information about life insurance, visit the Ohio Department of Insurance website at www.insurance.ohio.gov. Consumers with questions can call the department at 1-800-686-1526. The department also offers a free search service to help Ohioans find missing life insurance policies in which they believe they are a beneficiary.