Ask people what a human life is worth and they’ll most likely say something like “immeasurable” or “priceless.” Now try asking how much life insurance that “priceless” person needs and don’t be surprised if your question is met by a blank stare.

Americans realize that their lives are worth a lot, especially in relation to people who depend on them financially. In opinion surveys, they even acknowledge that life insurance is something that the vast majority of people need. But when it comes to owning life insurance, most adult Americans are either underinsured based on the future financial needs of the people depend on them, or have no life insurance at all.

Life Insurance Awareness Month (LIAM) was September and the DC Department of Insurance, Securities and Banking (DISB) used this as the perfect time to discuss life insurance needs. September has become the month when the industry comes together to elevate the life insurance dialogue with the American people nationwide. Generally, every September, one may expect to see messages about life insurance everywhere: on TV and radio, in magazines and newspapers, on their favorite Web sites, etc. DISB has joined in by sending out tips once a week on life insurance needs, exhibiting at events where life insurance materials are prominent and by hosting community events, where life insurance is discussed.

DISB used September as an opportunity to educate the residents of the District of Columbia about the concept of Human Life Value. The nonprofit LIFE Foundation, which coordinates the industry-wide LIAM campaign, has a Human Life Value calculator on its Web site (lifehappens.org). In about two minutes, one may find out his or her value today in terms of his or her future contributions to the family household. Or stated more starkly, the figure will let you know the financial loss the family would incur if you were to die today. Once that figure is established, you can then determine how much life insurance you need to consider in case of premature death.

Cost Tops Consumers’ List of Excuses for not Getting Life Insurance

Americans make all kinds of excuses for putting off things they know they should do. But when it comes to getting needed financial protection, no excuse is ever good enough. The results of a new survey released September 2 by the nonprofit LIFE Foundation in support of Life Insurance Awareness Month show that the vast majority (93 percent) of Americans think it’s important for most people to have life insurance, and yet nearly half of those surveyed say they don’t have enough coverage.

To better understand why so many do not have the life insurance coverage they say they need, the LIFE Foundation commissioned a survey that examined people’s reasons for not making a purchase. These are the top three reasons:

• 58 percent haven’t purchased a policy because they say it is too expensive
• 23 percent say they just haven’t gotten around to it
• 22 percentsay they don’t know enough about it to buy

No one wants to gamble with their family’s financial future, but that is essentially what people are doing when they don’t consider life insurance coverage that they know they need to protect their loved ones, according to the LIFE Foundation. The first step in overcoming an excuse is to acknowledge them. With that in mind, the LIFE Foundation offers these insights about the three most common excuses people give for not purchasing life insurance coverage they say they need:

• #1 Excuse: Life insurance is too expensive — Whenever people say that life insurance is too expensive, it begs the question, compared to what? Although times may be tough, lots of people are still buying flat screen TVs and going out to dinner several times a month. Americans need to realize that the purchase of life insurance, which will protect the financial well being of your family if a tragedy occurs, has become a necessity, not a luxury. The other thing to understand is that life insurance has never been more affordable. The cost for basic term life insurance has fallen by about 50 percent over the past 10 years. A healthy 35-year-old can buy a 20-year, $500,000 policy for about a dollar a day. There are policies to fit every budget, so cost should not be used as an excuse to not buy insurance.
• #2 Excuse: I just haven't gotten around to it —You might be able to deal with the consequences of procrastinating on things like re-painting your bedroom. Your spouse may give you some grief about it, but you can probably weather that storm. But are you comfortable living your life knowing that if you died tomorrow your loved ones would find themselves in dire financial straits? Don’t play Russian roulette with your family’s financial future. If you need life insurance, consider buying it today. Tomorrow may be too late.
• #3 Excuse: I don't know enough about it—Life insurance can be confusing, but there are lots of resources to help consumers navigate the process of finding the right policy for their specific needs. Visit DISB’s website at disb.dc.gov and visit the link to Insure U, a great resource of unbiased information about life insurance for different life stages and life situations. Also, call DISB at (202) 727-8000 to find out whether your company or agent is licensed in the District of Columbia, so you may be able to consult with qualified insurance professionals in the District.
  Need more encouragement? If straight talk is not enough to help you get past excuses you may be making, check out LIFE’s new Web-video at lifehappens.org for a humorous look at one man’s conversation with his conscience. If the conversation sounds familiar, it probably means that you are overdue for a life insurance check-up.