Shapiro Administration Highlights Importance, Value of Life Insurance Coverage During Life Insurance Awareness Month

​Harrisburg, PA - September is Life Insurance Awareness Month, and the Pennsylvania Insurance Department (PID) reminds Pennsylvanians of the importance of life insurance coverage and the financial protection it provides after the death of a loved one.

Life insurance provides financial protection for a family and ensures that dependents and other family members are not burdened with the cost for final arrangements, such as funeral costs.

"Life insurance coverage is a reliable way to ensure families are financially prepared and protected in the event a family member passes away," said Pennsylvania Insurance Commissioner Michael Humphreys. "During Life Insurance Awareness Month, PID strongly recommends Pennsylvanians consider whether purchasing or expanding their current life insurance coverage is right for them. Life insurance can provide a family with peace of mind and help to safeguard their financial future."

PID encourages Pennsylvanians who are looking to purchase or already have a life insurance policy to regularly review the policy with a licensed agent or insurance company to keep up with changes in income and needs. This includes getting married, the birth of a child, a recent divorce, or purchasing a mortgage.

When consumers are considering how much insurance they need, how long they need it and how much they can afford to pay for a life insurance policy, they should consider:

• How much of the family income do you provide?

• Does anyone else depend on you financially?

• Does your employer offer life insurance?

• How will your family pay final expenses and repay debts in the event of an unexpected or untimely death?
• How much money may you need for you family's short-term and long-term goals, such as your child's future college education?
  

Lastly, it's important to note that PID may also be able to help consumers track down a lost life insurance policy of a deceased family member. Often times, families know an existing life insurance policy is in place but are unsure of which insurance company wrote the policy. The National Association of Insurance Commissioners (NAIC) developed a Life Insurance Policy Locator service that asks life insurance companies to search their records to see if a deceased individual had a policy with the company. The insurance company will contact the requester if a policy is found and if the requester is named as a beneficiary.

Residents can learn more about life insurance and access the life insurance policy locator services on PID's websiteOpens In A New Window. Consumers with any questions or concerns regarding a life insurance policy, or to file a complaint, can contact PID's Consumer Services Bureau onlineOpens In A New Window or by calling 1-877-881-6388.     

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