Friday, September 2, 2011
OKLAHOMA CITY - Insuranceis a product that you can't see or touch, and is often the last thing on your mind until you need it.
Life insurance in particular is an often overlooked necessity that protects your family and legacy in the event of your untimely death.
Oklahoma City government has declared September Life Insurance Awareness Month. Oklahoma Insurance Commissioner John Doak says that's an appreciated and valuable acknowledgement of the importance place this product should have in the financial planning process for every Oklahoma family.
"I am one of a handful of insurance commissioners nationwide who have ever sold a life insurance policy or delivered a death benefit check," Doak said. “While life insurance can never replace a loved one, it helps alleviate the burdens and fears that their death leaves behind.
“I know what it means for the surviving spouse and children to know that they can still pay the mortgage, hold on to the family business, or go to college.”
Despite the importance of life insurance, some statistics suggest that purchasing life insurance is becoming less of a priority for many American consumers. Doak says that leaves far too many families “just one accident or terminal illness away from financial catastrophe.”
Doak urges Oklahomans to sit down with a licensed agent or broker and discuss their family’s life insurance needs and options. Even those who already have life insurance policies should periodically review their coverage to make sure it is still sufficient to protect the family’s current needs and assets. Doak notes that the American Council of Life Insurers recommends coverage equaling seven to 10 times the insured individual’s annual income.
For more information about researching and purchasing life insurance, visit the Oklahoma Insurance Department online at oid.ok.gov or call the OID Consumer Assistance Hotline at (800) 522-0071.
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About the Oklahoma Insurance Department
The Oklahoma Insurance Department, an agency of the State of Oklahoma, is responsible for the education and protection of the insurance-buying public and for oversight of the insurance industry in the state.
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For More Information:Glenn Craven,
405.521.4525
glenn.craven@oid.ok.gov