It is still Life Insurance Awareness Month! Earlier this month we talked about the mission behind LIAM and provided resources to learn more about life insurance and its benefits. With the presence of COVID-19, more and more individuals are learning about life insurance. However, there are still some myths out there that are causing confusion.
Finder reported and debunked some popular life insurance myths. One being that a young, single person with no kids does not need life insurance. If this person has outstanding debt (private college loans, a mortgage, etc.), their life insurance benefits can help their loved ones pay them off.
Allstate wrote that another common myth (among many others) is if one gets laid off, their company funded life insurance policy follows them. This is not accurate. There is also a chance that this policy does not offer the personalized coverage that best suit your financial needs. Thus, having a separate policy that is tailored to your specific needs and follows you everywhere, is worth the investment!
Texas Governor Greg Abbott issued his proclamation declaring September to be Life Insurance Awareness Month.