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SOURCE Life Happens
Football Great Shares Why It's Critical That Young Americans Consider Financial Protection
ARLINGTON, Va., Sept. 2, 2014 /PRNewswire/ -- This September, Boomer Esiason is once again serving as national spokesperson for Life Insurance Awareness Month, this time focusing on the importance of educating millennials and those just beginning their careers and families on the importance of a sound financial future. Life Insurance Awareness Month, now in its 10th year, is an annual campaign coordinated Life Happens, a nonprofit organization focused on educating Americans about the importance of life insurance as part of a comprehensive financial plan.
According to the 2014 Life Happens/LIMRA Insurance Barometer Study, Americans under 25 are more concerned than any other age group when it comes to leaving dependents in a difficult situation if they were to die prematurely. Cost is a perceived barrier as 63 percent of all consumers cite it as their reason for not purchasing life insurance, or more of it, yet more than 80 percent of Americans misjudge its true cost. In general, those without life insurance overestimate its cost by more than three times, and those under 25 by 10 times. This confusion over the true cost of life insurance is something that Life Happens and Boomer Esiason are working to eliminate.
"I've had life insurance since I first started in the NFL at age 22, and it's something I recognized the importance of having at an early age," said Boomer. "My two children, Sydney and Gunnar, are recent college graduates and are facing the real world of work and financial pressures. My message to them and to other young people with careers and family responsibilities is that 'you're not invincible, and now is the best time to get the life insurance coverage you need.' The importance of life insurance and the disadvantages that result from not having it are two things I unfortunately learned firsthand at an early age."
When he was just 7 years old, Boomer's mother died of cancer, leaving his father to raise him and his two sisters alone. She had been a stay-at-home mom and took care of everything in the household while his dad made the three-hour roundtrip commute each day from Long Island to Manhattan to earn the family's only income as an engineer. Since Boomer's mom did not have life insurance, his dad had to work extremely hard to maintain his work obligations and ensure things were taken care of at home.
According to LIMRA, 30 percent of U.S. households have no life insurance whatsoever, leaving a significant portion of the population without a financial safety net. Life Insurance Awareness Month was started 10 years ago to educate the public about the importance of long-term financial planning and encourage all Americans to take stock of their life insurance needs.
"Boomer's story shows that whether or not you're the primary breadwinner, life insurance is critical and it's never too early to consider it as part of a long-term financial plan. Unfortunately, while most people agree that having life insurance is important, we are experiencing the lowest level of ownership in 50 years, and even those who have coverage have far less than experts recommend," said Marvin H. Feldman, CLU, ChFC, RFC, president and CEO of Life Happens. "We're extremely proud to have Boomer join us once again as the voice of Life Insurance Awareness Month and hope that together we can encourage more people to get educated about life insurance and take steps to ensure their loved ones are adequately protected."
Boomer is sharing his story in TV and radio public service announcements (PSAs) broadcast nationally. The PSA is available through the end of the year on the Life Happens website at www.lifehappens.org/boomer, along with educational information on the true cost of life insurance and interactive tools and calculators to help consumers evaluate their own life insurance needs.
For more details about Life Insurance Awareness Month and Boomer's story, please click here.
About Life Insurance Awareness Month
Life Insurance Awareness Month was created by the Life Happens, formerly the LIFE Foundation, in 2004 in response to growing concern about the large number of Americans who lack adequate life insurance protection. Held each September, Life Insurance Awareness Month is an industry-wide effort involving hundreds of leading companies and thousands of insurance advisors. For more information about Life Insurance Awareness Month and LIFE's plans for the September campaign, visit www.lifehappens.org/industry.
About Life Happens
Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products. The organization does not endorse any product, company or insurance advisor. Since its inception in 1994, Life Happens has provided the highest quality, independent and objective information for people seeking help with their insurance buying decisions. The organization supports the insurance industry by providing marketing tools and resources and convening the industry each September for Life Insurance Awareness Month. Life Happens is supported by more than 140 of the nation's leading insurance company and financial services organizations. To learn more, visit www.lifehappens.org .
Contact: Lee Lubarsky, +1-212-445-8461, firstname.lastname@example.org
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