National Life Insurance Day
National Life Insurance Day is observed next on Tuesday, May 2nd, 2023 (82 days from today).
National Life Insurance Day is commemorated on May 2nd every year in order to recognize Life Insurance Policies in the United States.
As far as you know, life insurance brings a lot of amazing things for people. Do you know it can help you to pay off all debts and loans for surviving family members if you unfortunately pass away? Life insurance allows families to stay safe in their homes and give fund for their children's college education. With a family having a business, life insurance will contribute to keep the business afloat in spite of an unfortunate death. It also provides a source of income for a family to live on for a period of time.
History of National Life Insurance Day
Each year, National Life Insurance Day, marking the anniversary of the day the first life insurance policy was written in the United States in the late 1760s. For someone, National Life Insurance Day is a good reminder to get a life insurance checkup.
Despite having a national holiday for it, only less than 60% of Americans take part in life insurance, and a fifth of those admit they don't have enough. Whether you're uninsured or part of the 40% uninsured, one thing is for sure - 100% of us need life insurance protection. Therefore, what do prevent you from receiving this important amount?
For some, they simply don't know enough about the product to make an informed decision about purchasing it. For example, the popular question of most people is how much life insurance. It was recommended by Dave Ramsey that everyone should spend a cash fund which amount of benefits will be paid for your family if you unfortunately pass away. This fund is 10-12 times your annual income. This ensures your family has enough financial support to help them move forward, cover all their bills and debts, and prepare for their future.
People often misunderstand about policies of life insurance is the difference between life insurance with term and whole life insurance (also known as permanent or cash value). The most affordable type of life insurance that Dave recommends is life insurance with term. Term life insurance will protect you within a specific period of time, often 10 to 30 years. It will make more sense because it has no worthy unless you die within the term of your contract, at which point your beneficiaries will receive the tax-free proceeds of your policy. When the contract completes, you are no longer protected by life insurance unless you purchase a new term contract.
Whole life insurance - as the name implies - lasts your entire life. The premiums of these policies tend to be significantly more expensive than term life insurance because you are accumulating a cash value beyond your death benefit, similar to a head-to-head product. Typically, these premiums can be 6-20 times more expensive than term premiums and the rate of return on investments is not so good. Due to the high cost of whole life insurance, getting 10-12 times your income is often not an affordable option, so many people buy policies that are less than what they need and thus unable to provide their families with the level of protection they deserve.
Some truths about National Life Insurance Day
- It is compulsory to pay taxes on premiums paid by the policyholder under federal law in the United States. However, certain conditions are set forth in the Estate and Inheritance Tax, which is subject to Tax. Therefore, Person must thoroughly analyze the schema before holding the Policy. The State Legislatures and the United States Congress own the right to change or withdraw all policies at any time after having official publication.
- The Insurer is required to pay the premium on the basis of whatever is mentioned in the Policy. These Contracts are classified into Protection Level Policies and Investment Level Policies.
- Protection Policies are offered to customers to benefit in the event of any failure within a specified term or as lifetime coverage.
- Investment Policies are to enhance Capital growth on Premiums provided by the policyholder over a specified term.
- In addition to Life Insurance, Property, Disability, Health and Medical Insurance are also available. Military and Veterans Affairs Life Insurance is also available.
How to celebrate National Life Insurance Day
Learn more about insurance plans and join any, if possible.
My best plans for Life Insurance are: Amounts that need to be paid to the Insurance Company to provide a lump sum to your beneficiaries or family members who are alive after your death.
Term Plan- The premium needs to be paid for the specified Term. If you die within the term, the company will provide your family or beneficiaries with a lump sum of whatever is mentioned in the contract. Otherwise, the company will reimburse you with or without interest depending on the policy you have covered.
Full Term Investment Policies-These are perpetual policies. The Policies will remain in effect as long as you pay the premium. Withdrawal and lending options are also available in this program.
Affiliates save for the long run-This type of policy is tied to the stock market and is subject to risk. This policy covers a Lock-in Period for a specified number of years from which funds cannot be withdrawn at any cost. When the expiry date is coming, the owner of the contract can retrieve the amount.
Critical Illness Policy- These types of policies are roughly equivalent to Life Plans. Also, policies will be designed in such a way that it covers a specific disease, like Cancer, etc.
Please note that certain eligibility conditions are determined to keep the contract. Beware and analyze it before joining.
Share life insurance plans if you think it is the most suitable and the best with the hashtag #BestInsurancePlans on social media. Let us raise awareness about the benefits of Life Insurance by posting with the hashtag#Benefits0fLifeinsurance. There is an Insurance Policy. This will support your beneficiaries financially after your unfortunate death.
ObservedNational Life Insurance Day has been observed annually on May 2nd.
Sunday, May 2nd, 2021
Monday, May 2nd, 2022
Tuesday, May 2nd, 2023
Thursday, May 2nd, 2024
Friday, May 2nd, 2025
Liran Hirschkorn in March 2014