Life Insurance Awareness Month: 5 Questions to Ask About Your Coverage
September is Life Insurance Awareness Month. That makes it a good time to check your life insurance. If you live in Minnesota and people count on your paycheck, this post is for you.
Here's the problem. Only about half of U.S. adults own life insurance. More than 100 million admit they don't have enough.
Most people don't skip it on purpose. They put it off. They guess it costs too much. Or they assume their work policy has them covered.
Before September ends, ask yourself these five questions.
1. Who depends on your income?
If someone would struggle without your paycheck, you need coverage. That list often includes:
- Your spouse or partner
- Your kids, until they're on their own
- Aging parents you help support
- A business partner
Research shows 30% of Americans would face serious financial hardship within one month of losing a primary wage earner. One month.
2. Is your workplace coverage enough?
Group life insurance through your employer is a good start. But it has limits:
- It often pays only 1 to 2 times your salary. Most families need more.
- It usually ends when you leave the job.
- Your employer controls the policy, not you.
Treat work coverage as a bonus. Don't make it your whole plan.
3. How much coverage do you need?
Start with a simple list. Add up what your family would need to pay for if you were gone.
Expense | What to count |
|---|---|
Lost income | The years your family would need your paycheck |
Mortgage | Your remaining balance |
Debts | Car loans, credit cards, student loans |
Education | College or trade school for your kids |
Final expenses | Funeral and burial costs |
Subtract your savings and any coverage you already have. What's left is your coverage target. We can run these numbers with you on a short call.
4. Do you think it costs more than it does?
Most people guess high. LIMRA research found younger adults overestimate the cost of life insurance by more than 10 times. People also rank life insurance as one of the least understood financial products they own.
The fix is simple: get a real quote. You'll likely pay less than you think.
It also helps to know the two main types:
Term Life | Permanent Life (Whole or Universal) | |
|---|---|---|
How long it lasts | 10, 20, or 30 years | Your lifetime |
Cost | Lower | Higher |
Builds cash value | No | Yes |
Best for | Replacing income while kids are young or the mortgage is unpaid | Estate planning, final expenses, lifelong needs |
Many Minnesota families start with term life because it covers the most for the least money.
5. When did you last review your policy?
Your life changes. Your coverage should keep up. Review your policy after:
- Marriage or divorce
- A new baby or adoption
- Buying a home
- A raise or new job
- Starting a business
Check your beneficiaries too. An outdated form can send your money to an ex-spouse instead of your kids. It happens more than you'd think.
Why use an independent agent?
Lake Country Insurance Services is an independent agency. Here's what that means for you:
- We compare multiple carriers. You get options, not a single company's price.
- We work for you. Our job is to find the right fit for your family.
- We see the full picture. We can review your life, home, and auto coverage at the same time.
Take 15 minutes this month
Life insurance in Minnesota doesn't have to be complicated. A quick review can tell you if you're covered, underinsured, or overpaying.
Use Life Insurance Awareness Month as your reminder. Call Lake Country Insurance Services at 612-285-3113 or request a free life insurance review. We'll answer your questions and give you real numbers.
Your family will thank you.
Sources: LIMRA, "LIMRA Forecasts Individual Life Insurance Premium to Grow in 2026" (January 2026); LIMRA and Life Happens, 2026 Insurance Barometer Study; LIMRA, "Life Insurance Through the Consumer Lens" (2026); actuary.info, "Life Insurance Industry Trends 2026" (March 2026).