Life insurance provides financial assistance to surviving family members

Sep 28, 2011

Life insurance policyholders must remember their coverage is more for the beneficiaries than the holders.

September is National Life Insurance Awareness Month, and many providers are working on campaigns to raise awareness on the importance of adequate life insurance coverage. Lincoln Financial Group started using social media tactics to provide resources and information to consumers about the benefits of life insurance.

On the Lincoln Financial Facebook page, the provider has posted statistics, research and links to information about individual and group life insurance, long-term care and retirement planning for its social media followers.

"Whether it's individual, group, universal or term life insurance, it provides a measure of stability and protection to help people stay in control of their financial futures," said Mark Konen, president of insurance and retirement solutions for Lincoln Financial Group.

One aspect often overlooked by consumers refusing to purchase life insurance is that the policies are not intended to just protect the assets of the policyholder. Rather, most life insurance coverage is purchased to protect the financial well-being of survivors who remain after the policyholder has passed away.

According to a contributing article in Florida's Bradenton Herald, life insurance is most significant in the event of the death of a family breadwinner. Coverage can provide a safety net for families should a major wage earner pass away. Permanent life insurance can also accumulate cash value over time, which can be used for numerous things such as long-term care for survivors, treatment for a sickness or disease, or funding for retirement.

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