National Life Insurance Day on May 2 is the perfect moment to delve into the vital role life insurance plays in safeguarding our loved ones and securing our financial futures. Whether you already have a policy or are considering taking the step, understanding essential facts about life insurance can guide you in making astute financial choices.

Your Changing Needs

Your life insurance needs are not static. Major life events like getting married, having children, or buying a home increase your financial responsibilities, necessitating a reevaluation of your life insurance coverage to ensure adequate protection.

Accessible Coverage

One of life's persistent myths is the high cost of life insurance. Many people overestimate the expense by as much as three times. In reality, life insurance can be a practical and affordable financial planning tool, accessible to most budgets.

The Simplicity of Increasing Coverage

Adjusting your life insurance coverage is often simpler than you think. Many policies offer riders that allow you to increase coverage as your needs grow, sometimes without the need for a new medical exam.

Addressing the Coverage Gap

Despite its importance, only 51% of consumers have life insurance today, a drop from 63% in 2011. This statistic highlights the critical need for individuals to review and ensure their life insurance adequately covers their needs.

A Need for More Coverage

There remains a significant gap in coverage, with 42% of adults—over 102 million people—feeling they need or could benefit from additional life insurance. Common reasons for postponing purchase include perceived cost, complexity, or simply not knowing how much they need.

Let National Life Insurance Day be your call to action. Take this opportunity to review your current policy or explore new options. Protect your loved ones by consulting with a financial advisor or conducting a policy review to ensure that your life insurance aligns with your present and future needs.