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For Immediate Release: |
For Further Information: |
Department of Banking and Insurance Offers Tips to
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TRENTON – As consumers review their insurance needs, one area that is often overlooked and frequently widely misunderstood is life insurance. One of the results is that the U.S. population is grossly underinsured. The percentage of Americans without life insurance coverage has increased to 41 percent, an all time-high, according to the Life Insurance and Market Research Association (LIMRA), a Connecticut-based, international insurance research organization. Further, a recent survey by the National Association of Insurance Commissioners (NAIC) showed that consumers are not aware that some forms of life insurance can potentially be used as either an investment vehicle or a potential source for emergency cash. “Life insurance coverage is just as important to consumers as auto or homeowners insurance,” said New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine. “There are large numbers of people in this country who are either underinsured or uninsured, and that can cause financial hardship in the event of a death in the family. Further, there are some widespread misconceptions about life insurance that no doubt contribute to these numbers.” The Commissioner recommended consumers take the following steps before choosing or updating a life insurance policy: Ascertaining your needs:
Keeping all your options open:
Understanding the available coverage:
“Life insurance should be a key part of families’ financial planning. Consumers should understand the importance of it, compare policies carefully and make educated decisions,” said Commissioner Considine. “It is never too early in a consumer’s life to investigate available coverage options.” For more information, visit www.njdobi.org. |
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State of New Jersey New Jersey Department of Banking and Insurance |