Life Insurance Day 2024
When it comes to topics that are often avoided, planning for the future after you’re gone is one of the most enormous elephants in the room. Though it may not be a pleasant subject, it’s crucial for safeguarding your family’s financial future. That’s reason enough to add Life Insurance Day to the calendar.
While a majority (68 percent) of Americans recognize the importance of life insurance, as indicated by the 2022 Insurance Barometer Study conducted by nonprofit industry agencies LIMRA and Life Happens, only half have a policy. Moreover, many of those with policies need more coverage, which poses a significant issue.
“Life Insurance Day is dedicated to raising awareness about the importance of life insurance and its role in providing financial security for individuals and their loved ones. It’s a time to reflect on the value of life insurance and the peace of mind it offers in times of uncertainty,” says Joseph Aspelund, Director of Insurance Sales & Asst. Branch Manager at David Lerner Associates, Inc.
When is Life Insurance Day 2024?
Life Insurance Day is observed annually on May 2, the anniversary of the first day life insurance became available in the US. In 2024, it falls on a Thursday, providing an opportunity for individuals and families to learn more about life insurance and its benefits.
History of Life Insurance Day
Before the 18th century, life insurance was non-existent, leaving the financial burden of a loved one’s passing solely on the shoulders of the surviving family members. Today, a wide array of insurance policies offer flexible coverage options to suit diverse needs and circumstances.
The establishment of “The Fund for Pious Uses” in 1717 by the Synod of Philadelphia marked a pivotal moment in American financial history. Initially offering relief to ministers and their families, it evolved into the Presbyterian Ministers’ Fund, a cornerstone in the development of life insurance in America. Expanding its scope, it created a Widow’s Fund in 1759, providing annuities to widows and children. Renamed the Covenant Life Insurance Company in 1990, it continued its legacy of financial security. This transformation highlights its enduring commitment to community and foresight in providing peace of mind through generations.
Between 1787 and 1837, a transformative period unfolded in the United States, establishing more than two dozen life insurance companies. This surge in entrepreneurial activity reflected a growing recognition of the importance of financial protection and security in an era of economic and social change. Through their collective efforts, these early life insurance companies helped pave the way for greater financial security and prosperity for generations of Americans, leaving a lasting legacy that endures to this day.
National Life Insurance Day originated in 2014, initiated by Liran Hirschkorn, an independent insurance agent. The Registrar of the National Day Calendar officially designated May 2 as the annual observance of this significant day. The modern observance of Life Insurance Day aims to educate the public about the importance of life insurance and encourage people to assess their financial needs and protection.
Who Gets Involved in Life Insurance Day?
Life Insurance Day is relevant to people of all ages and stages of life. Individuals, families, and businesses alike can benefit from understanding the role of life insurance in financial planning. Insurance agents, financial advisors, and insurance companies also play a role in raising awareness about life insurance and helping individuals find the right coverage for their needs.
Life Insurance Day Participation Ideas
- Evaluate Your Coverage: On Life Insurance Day, take some time to review your current life insurance coverage. Consider your financial obligations, such as mortgage payments, debts, and future expenses, and assess whether your existing coverage meets your needs.
- Start a Conversation: Use Life Insurance Day to discuss life insurance with your loved ones. Talk about the importance of financial protection and how life insurance can provide security for your family’s future.
- Research Your Options: Explore different types of life insurance policies and providers to find the right fit for your needs. Consider coverage amount, premium costs, and policy features to make an informed decision.
- Update Your Beneficiaries: If you already have life insurance, review your beneficiary designations to ensure they reflect your current wishes. Life changes such as marriage, divorce, or the birth of a child may warrant updates to your beneficiaries.
- Keep the Conversation Going on Social Media: To raise awareness and share personal stories in honor of Life Insurance Day, use #LifeInsuranceDay.
- Discuss Life Insurance Policy Info with A Trusted Family Member: Discuss life insurance policy details with a responsible family member to ensure loved ones are informed and prepared for the future.
Conclusion
Are you and your family ready to handle the financial impact of a tragedy?
Life Insurance Day reminds us to protect our loved ones and secure our financial futures. Learning about life insurance and assessing our coverage needs can ensure peace of mind and economic security for ourselves and our families.
Financial security is one of the greatest gifts you can give your loved ones. Don’t be a part of the 50 million Americans who are either uninsured or underinsured. You’re not in this alone – at David Lerner Associates, safeguarding families is our priority – and we’re here to assist you. Contact us today to discuss your options.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.