Life Insurance Awareness Month

September is a busy and exciting time of year. Schools are back in session, the leaves begin to change, and fresh apple cider donuts appear on every table. September is also Life Insurance Awareness Month.

The Connecticut Insurance Department (CID) encourages consumers to take this opportunity to learn how life insurance can provide meaningful financial protection for loved ones.

Below are a few tips and resources to help you better understand your options when considering coverage:

• Life insurance generally comes in two types: term, which provides coverage for a set period, and permanent, which provides lifetime coverage and often includes a savings component.
• When reviewing your insurance needs, consider your financial responsibilities, such as a mortgage, loans, childcare, or future education expenses.
• Your insurance needs change over time. What worked a few years ago may no longer be enough. Major life events such as marriage, divorce, the birth of a child, or changes in employment may require updating your policy.
• Premiums are based on factors like age, health, policy amount, and coverage type. Compare options carefully and ask what costs might increase in the future.
• Read your policy closely. Know what is guaranteed and what is not. Be sure you understand any exclusions, waiting periods, renewal terms, and what happens if you miss a payment.
• Never purchase coverage you do not fully understand. If something is unclear, ask questions or seek help.
• Always confirm that both the insurer and the agent are licensed in Connecticut. You can verify licensing and research companies through the Connecticut Insurance Department’s website.
• Life insurance is only effective if your beneficiaries are accurate. Check that names are correct, shares are set as intended, and contingent beneficiaries are included.

Consumer Resources:

CID Life and Annuities Consumer Page

NAIC Life Insurance Policy Locator

If you have questions regarding insurance, please contact our Consumer Affairs Unit at 860-297-3900 or email at insurance@ct.gov

The information on this site is provided for informational and educational purposes only. The information should not be construed as coverage, legal, financial or other professional advice, and is not a recommendation about managing or investing your retirement savings. Policies have exclusions and limitations. Individuals seeking information regarding their particular investment needs, objectives and financial situation should contact an insurance producer, financial advisor or attorney. The CID makes no representations or warranties that the materials on this site are suitable for your needs, are complete, timely, reliable, accurate or free from errors, inaccuracies or typographical mistakes.