COLUMBUS – September is Life Insurance Awareness Month and the Ohio Department of Insurance recommends that Ohioans take a close look at the financial impact of losing a primary wage earner and evaluate the need for life insurance.
A recent national study revealed that 42 percent of American families face financial difficulties within six months of a primary wage earner’s passing.
“The proceeds from a life insurance policy can temporarily replace a loved one’s income and help with ongoing debt and expenses,” Ohio Department of Insurance Director Judith L. French said. “I encourage Ohioans to consult an insurance agent or contact the Department of Insurance for help choosing a life insurance policy that fits your financial needs.”
Over time, life events related to marriage, children, loans, employment, and retirement are reasons to increase or decrease benefits, adjust policy features, and review beneficiaries on the policy.
Also, be sure to review the policy’s annual statement to evaluate performance. If you have questions or concerns about your current life insurance policy, contact your insurance company or an agent.
For detailed life insurance information, visit the Ohio Department of Insurance and National Association of Insurance Commissioners websites at www.insurance.ohio.gov and www.naic.org. Department analysts are available at 800-686-1526 to answer life insurance questions.