5 Key Facts About Life Insurance on National Day

Reflecting on Life Insurance Needs this National Day

National Life Insurance Day on May 2nd is an important reminder to evaluate the role life insurance plays in securing our financial future. Whether you already have coverage or are considering your options, understanding key facts about life insurance can help you make informed decisions that protect your loved ones and ensure financial security.

Many Underestimate Life Insurance Affordability

A common misconception is that life insurance is prohibitively expensive. However, many people tend to overestimate its cost by up to three times. Remarkably, life insurance remains a highly accessible investment that offers peace of mind without breaking the bank.

Adjusting Your Coverage is Easier Than You Think

Life insurance policies are not static; they can, and should be, updated to match your evolving needs. Policy riders and additional plans provide the flexibility to adjust coverage as needed. Certain policies even allow coverage increase at key life stages without requiring a medical exam.

Lack of Coverage is a Growing Concern

Alarmingly, only 51% of consumers have life insurance today, a significant drop from 63% in 2011. This statistic underscores the need for many individuals to reassess their coverage and confirm they have adequate protection in place.

Changing Life Events Call for Coverage Review

Major life events—like marriage, having children, or buying a home—come with increased responsibilities, making it imperative to review and possibly update your life insurance coverage. Your financial circumstances and needs change over time, and your coverage should reflect that.

Coverage Needs are Often Underestimated

A significant proportion of adults—42%, or over 102 million—recognize that they need more life insurance. Despite this awareness, people often delay purchasing additional coverage due to procrastination or misconceptions about cost and complexity. Addressing these delays can ensure your family is financially protected in unforeseen circumstances.

As we observe National Life Insurance Day, take the time to review your life insurance needs. Assess your current coverage, explore new options, and make thorough choices to protect your financial future. Consider consulting a financial advisor or scheduling a policy review to ensure your loved ones are fully protected.