September is life insurance awareness month (LIAM). In this article I'm going to share why having life insurance and having enough is so important to your family. I'll give you a few statistics and then share some real life stories about the importance life insurance had in the lives of so many. I'll say it right here in the beginning, if you have a need for life insurance and you don't know where to turn, reach out, I'm happy to educate you and help you get the coverage you need.
According to the 2026 Insurance Barometer Study conducted by LIMRA and Life Happens, 52% of American adults currently own life insurance. Separate research from the LIMRA 2025 Facts About Life Insurance Sheet reveals that 40% of households would be left financially insecure or completely unable to stay afloat if their primary earner died unexpectedly. One of the biggest reasons people give for not getting life insurance is that they think it is much more expensive than it is. You may be thinking that 52% have insurance because the rest of the population doesn't actually need insurance, but that isn't the case. A staggering 38% of the population (around 92 million adults) acknowledge that they either have no coverage or do not have enough. This leads to terrible outcomes when tragedy strikes and it makes me both sad and mad at the same time, because while the tragedy may not have been avoidable, leaving your family without the financial resources they need absolutely is. With that said, let me share a few first hand stories for you.
Car Accident
Recently, a father in his 40's died unexpectedly in a car accident. He had a young son and his wife was the secondary earner for the family. He had $1 million of life insurance in place and when he passed, his family was able to ensure that their son's plans for college, the ability to stay in his home and maintain their current lifestyle was a reality. While they can never replace the father, his family was protected from the further tragedies that often come from a lack of income that was provided by a primary income earner.
Unexpected Diagnosis
In 2019 when I started in the industry coming from tax/accounting, one of the early stories I heard from a teacher in Virginia was that her husband had been suffering from headaches for a few years. For a while he simply took over the counter pain relievers. Eventually he was diagnosed with an inoperable brain tumor at the age of 30. He was the father of two little girls and he spent the last 6 months of his life apologizing to his wife because he hadn't prioritized getting life insurance. When he passed away, his wife couldn't afford their home on a teacher's salary, so she had to sell it and more in with her mom. Her biggest point of emplasis in telling us this story was not that she wouldn't manage, she would be ok with the help of her family, she was so sad that her husband spent his final months living in regret. This has stuck with her for years and probably always will. Regret is expensive and waiting until you need insurance is usually too late.
Closer To Home
I will admit that in my 20s and 30s I thought I didn't need much insurance. After all, my job provided 1x my salary in life insurance. I was single and I had a house with some equity and money in my 401(k) account, so who needs more, right? Fortunately when I turned 40 I was still healthy and got $750,000 worth of term insurance for $495/mo for a 20 year term. This was something I am grateful that I did because I have a family and I know that I'm covered (with additional insurance thereafter) in the event anything happens to me. My family will be financially fine and that peace of mind is priceless, but also very inexpensive.
A few years later, after many conversations my wife agreed to get life insurance as well. She too got a great rate because she was in very good health. A few years later (less than 5 years later) she suffered what is called a Spontaneous Cardiac Artery Disssection (SCAD). I am greatful to God every day that my wife survived and that she continues to recover from what is essentially a heart attack that happens to younger healthier people. I'm fairly certain that if she didn't have life insurance in place, she would have a difficult time getting it now and she definitely would pay a much more significant price for the insurance.
The key takeaway is get life insurance when you don't need it. You may not have it when you do. Again, feel free to reach out and I can help you get the insurance you need at a price you can afford. It's better to have the insurance you can afford than to have none.
Disclosure: These examples are provided for educational purposes only. Individual situations differ, and life insurance may not be appropriate for everyone. Life insurance policies are subject to underwriting approval and may not be available to all applicants. Policy features, benefits, costs, limitations, and exclusions vary by carrier and policy type. The cost and availability of coverage depend on factors including age, health, and the amount and type of insurance purchased.