CHICAGO, Sept. 27, 2019 /PRNewswire/ -- Combined Insurance, a Chubb company, is encouraging consumers to educate themselves about the benefits and protection that having a life insurance policy offers. Each September, Life Insurance Awareness Month is organized by Life Happens, a nonprofit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products. Types of life insurance.
According to a 2018 study by Life Happens, more than 1/3 of households would suffer financial hardships if their breadwinner were to pass away.
In addition, 90% of millennials don't have the life insurance coverage they need.
According to the same study by Life Happens, a generational lack of education about the different types of insurance products and how they work is resulting in a whole generation of under-insured individuals.
"Life insurance is one of the most important investments we can make in our lifetime. Although the loss of life is not an easy topic to think about, adequate preparation can help alleviate stress during an unexpected situation," said Doug Abercrombie, Chief Agency Officer at Combined Insurance. "We encourage everybody to take the steps necessary to explore life insurance coverage and obtain peace of mind."
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When researching life insurance products, consumers should keep these tips at the forefront:
Research the two main types of life insurance available—term life and whole life to determine which best fits their needs
Look for a plan that provides for benefit payments to be made directly to the insured or insured's designee
Speak with an authorized life insurance agent in their state to obtain a quote that is specifically tailored to your life circumstances
"Our agents take pride in helping customers make good choices, recognizing that each customer has unique needs and life circumstances. They realize that not everyone needs life insurance, but often share stories about how life insurance saves families from financial burden," said Abercrombie.
Obtaining a quote from a Combined Insurance licensed agent is free. Visit the Family Life Protector page here and request a visit at your convenience to learn more about the best life insurance products for you.
About Combined Insurance
Combined Insurance Company of America ( Chicago, Ill. ) is a leading provider of supplemental accident & health, disability, and life insurance products and a Chubb company. With a tradition of nearly 100 years of success, Combined Insurance is committed to making the world of supplemental insurance easy to understand. The company has an A+ rating by the Better Business Bureau and is one of Ward's Top 50® Performing Life-Health Insurance Companies. Combined Insurance is ranked the number one Military Friendly® Employer in the over $1B revenue category for 2019 by VIQTORY. This is the company's eighth consecutive year on the top 10 list and fifth consecutive year in the top 5—Combined Insurance was previously named the number one Military Friendly® Employer in the nation for 2015 and 2016.
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Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB ) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.
SOURCE Combined Insurance