September is National Life Insurance Awareness Month, but most Americans know very little about their life insurance options, or aren't sure if they need it. In fact, according to the 2015 Life Insurance Barometer Study, more than 40% of Americans have no form of life insurance protection at all. Sadly, a large majority of those without life insurance forgo the coverage because of misconceptions regarding its cost, usefulness, or protection options.

Life insurance is an important part of any family's financial portfolio as it offers peace of mind and financial protection if a loved one passes away. However, life insurance needs can vary over time, and coverage amounts may need to be adjusted depending on the season of life and other mitigating factors. In today's blog post, we'll look at why young families specifically benefit from additional life insurance coverage, and the factors to consider when assessing life insurance needs.

Over the last three decades, the percentage of American couples living together before marriage has risen over 70%. Unfortunately, some cohabitating couples may find themselves in a dire financial situation if they do not have comprehensive insurance coverage that protects them and their property in the event of a disaster. The legal benefits and insurance coverage options available to married couples do not often apply to unmarried couples living together or sharing property.

A growing number of Americans have had to make decisions and plans regarding the immediate and long-term care of their retired or elderly loved ones. Medical advancements have greatly improved life expectancies, and as a result, many more senior citizens are thriving well into their 70's, 80's and 90's. However, there is a higher risk of liability for senior citizens living on their own, or even with other relatives, due to their increased likelihood of injuries, falls or accidents.

The start of a new year is always a perfect opportunity for personal and professional introspection. This gives people the chance to establish goals, reviews successes and failures, and implement changes for future improvement. It is also the ideal time to review financial decisions and protections for the future, including insurance coverage.

In the course of an adult life, a person can purchase thousands of things, including groceries, cars, clothing, furniture, movies and even a home. Many of these purchases are simple transactions, while others involve completing lengthy applications and waiting for approvals. Additionally, some people always research every item before buying while others blindly sign applications in order to expedite the sale. One of the areas where we need to slow down and be well-informed consumers is in regards to life insurance coverage.

In life, we have many important milestone events, such as graduation, starting a career, marriage, the birth of our children, and buying a home. Purchasing a home is an important and exciting process, but it's also a big financial commitment for individuals and families. For this reason, it's critical to do thorough research before buying a home. To help potential homebuyers, we're starting a three-week blog series focused on the areas to thoroughly research before and during the home buying process.

In our previous blog posts, we looked at the many life events that occur that require the need to increase or amend insurance coverage. Our first blog post discussed the more common personal life events that create a need for additional property insurance, such as marriage, buying a home, or even divorce.

In our previous blog post, we discussed that many of the changes that impact our personal lives often do not result in proper adjustments or changes in our insurance coverage. This can lead to individuals and families being underinsured or not having the correct kind of insurance to protect their changing assets or financial situations.

As adults, we often experience a variety of major changes in life, including marriage, starting a family, buying a home, a death in the family, opening up a business, or even divorce. When life changes happen, there are usually adjustments and financial decisions to be made, but insurance coverage is often not reviewed and adjusted to reflect these changes. Assessing life changes and adjusting insurance coverage is a simple but important part of protecting assets and financial stability for the future.