AAA: September is Life Insurance Awareness Month

During Life Insurance Awareness Month, AAA has some important reminders for consumers so they can protect themselves and their families. Insurance needs may change after any significant life change, and it’s important to review coverage regularly. Whether it’s buying a home, changing jobs, getting married, or having a baby, any life-altering event can necessitate an evaluation of life insurance coverage.

“AAA recommends reevaluating your life insurance policy annually,” says Mark Benn, life insurance sales manager, AAA East Central. “You want to check the amount of coverage, who is covered, and what type of policy is best. By answering these questions, you can properly evaluate all options.”

Other Tips for Assessing Life Insurance Needs

Check work coverage. If an employer offers life insurance, more is often needed to guarantee adequate coverage. Typically, employers provide the minimum amount of coverage – usually one or two times the employee’s yearly salary – while many people use seven times their annual salary as a starting point.

Additionally, when changing jobs, employer-provided life insurance does not transfer. One option is an individual policy through a third party so job changes do not impact coverage.

Keep details updated. Make sure personal data like address and contact information are up to date. That way, a life insurance provider can easily notify policyholders of any changes to accounts.

Take the time for what matters most. With a little extra effort, families can be protected with ample life insurance coverage. By taking time to examine policies, consumers can be confident they know how much coverage they should have to safeguard those most important to them.

AAA East Central is a not-for-profit association with 69 local offices in Kentucky, New York, Ohio, Pennsylvania and West Virginia serving 2.7 million members.  News releases are available at news.eastcentral.aaa.com.  Follow us on Twitter and Facebook.