September is Life Insurance Awareness Month
(Excerpted from LIMRA & LL Global www.limra.com)
One thing that we have learned over the last few years is that life is unpredictable, fragile, and largely out of our control. Now more than ever is the time to prepare for the unexpected. The hope is that this heightened awareness will encourage more Americans to buy the life insurance coverage they need. Recent LIMRA research shows that 36% of Americans plan to purchase life insurance this year. When it comes to Millennials, 48% say they plan to buy coverage. This is especially important since LIMRA research also shows that 42% of households would face financial hardship within six months should a wage earner die unexpectedly —25% would suffer financially within a month.
There are at least 102 million Americans living with a life insurance coverage gap. Seven trade associations and 76 life insurers and distributors have launched the “Help Protect Our Families” campaign to address the growing coverage gap in the U.S. Their hope is to engage and educate more consumers about the value of life insurance and help more families protect their financial security.
Below are a couple of pages from LIMRA that provide insights about what’s impacting life insurance ownership and the important role life insurance can play in providing financial protection.
15 Ways Your Loved Ones Can Benefit from Your Life Insurance Policy
Paying funeral expenses.
Access death benefits for chronic, critical, and terminal illness.
Settle estate and business debts.
Business succession planning.
Replace social security benefits.
Borrow cash value to cover unexpected emergencies.
Replace a taxable asset with a tax-free asset.
Replace your income for your family in the event of an untimely death.
Cover long term care expenses.
Making a charitable donation.
Paying estate or IRA taxes.
Equalizing children’s inheritances.
Giving to your church or favorite charity.
Maintaining your family’s overall standard of living.
Creating an Estate or Legacy that You Want to Leave.
Life insurance policies go beyond just leaving money to your loved ones, as shown by the list above. It helps you leave a legacy that will be remembered and appreciated for decades after you’re gone.
Account View 2.0 Transition
Account View 1.0 has served our clients well over the past few years. However, the time for Account View 1.0's long-awaited retirement is approaching. Account View 2.0 is the new kid on the block and comes with a new modern look and expanded feature set. As a result, LPL will be sunsetting Account View 1.0 at the end of this year. In anticipation of this, we will begin migrating Account View 1.0 clients to Account View 2.0 over the next few weeks.
Account View 2.0 contains several new features our clients will appreciate. Account View 2.0 will continue to improve with more features coming down the line. Two features worth noting: multi-Factor sign-in, and a new mobile app to access your accounts on the go.
Once your profile has been migrated, you’ll receive an email from LPL Financial to complete your registration. If you have any concerns about the transition, please reach out to us ASAP. Once profiles are migrated there is no way to return to Account View 1.0. Attached to this newsletter are three brochures with an introduction to Account View 2.0, FAQs, and feature comparisons.
This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information. PLEASE NOTE: The information being provided is strictly as a courtesy. When you link to any of the weblinks mentioned, we make no representation as to the completeness or accuracy of information provided at these web sites.