Reflecting on Life Insurance Day: 5 Key Insights

May 2, 2025

Every May 2nd, National Life Insurance Day provides an important opportunity to reflect on the significant role life insurance plays in safeguarding our loved ones and securing our financial future. Whether you're actively covered or contemplating coverage, understanding some key facts about life insurance is essential to make informed decisions. With the right policy, life insurance can protect your loved ones and provide peace of mind.

Your Needs Change Over Time

Life is full of changes, and so are your financial responsibilities. Major life events such as marriage, welcoming children, or purchasing a home can dramatically affect your financial priorities. These changes make it crucial to review and update your life insurance coverage regularly to ensure it aligns with your current needs and protects what's most important to you.

Fewer People Are Covered Than Before

It's an unsettling fact that only 51% of consumers have life insurance today, a significant decline from 63% in 2011. This drop highlights the importance of reviewing your current coverage. Don't let yourself fall into the growing percentage of under-protected individuals. Make sure you and your family are adequately covered.

It’s More Affordable Than You Might Think

A common misconception is that life insurance is expensive. However, many people overestimate its cost by up to three times the actual price. This affordability makes life insurance not only a wise choice but an accessible financial tool for many families.

Increasing Coverage Is Simple

Life changes, but adjusting your life insurance coverage doesn't have to be complicated. Many policies offer riders or additional plans to increase coverage at significant life stages without requiring a medical exam. This flexibility makes it easier to ensure adequate coverage as your circumstances evolve.

Many Feel They Need More Coverage

An overwhelming 42% of adults—over 102 million people—believe they need or could benefit from more life insurance coverage. Often, people delay purchasing additional coverage due to misunderstanding costs or the process itself. Exploring your options is easier than you think, and taking action can provide substantial long-term benefits.

As National Life Insurance Day approaches, take this moment as a reminder to assess your coverage, explore your options, and make informed choices to protect your financial future. Consult a financial advisor or schedule a policy review to ensure your life insurance plan meets your current needs and brings peace of mind to you and your loved ones.

Does General Liability Cover Independent Workers?

June 25, 2025
For many business owners, bringing independent contractors on board is a practical choice that brings flexibility and specialized skills. However, it's crucial to understand the liability risks associated with using such workers. A common misconception is that a General Liability (GL) policy offers blanket coverage, but the truth is far more complex. It's essential to recognize the potential risks if contractors don't have their own insurance coverage.

Life Insurance vs. AD&D: Making the Right Choice

June 19, 2025
In today’s uncertain world, financial planning is not just a smart move—it’s essential for protecting your loved ones. One of the key components of a strong financial plan is choosing the right insurance policy. For many, this decision boils down to a choice between life insurance and Accidental Death and Dismemberment (AD&D) insurance, two options that can be confusing at first glance. In this blog, we’ll break down the key differences to help you make an informed choice.

Plan Ahead: Travel Insurance for Summer Adventures

June 18, 2025
Summer travel season is just around the corner, with enticing destinations calling us away from our daily routines into the embrace of exploration and relaxation. Whether you're gearing up for a sun-soaked beach escape, a thrilling mountain adventure, or a culturally rich city break, one aspect of your travel checklist deserves more attention than it often gets: travel insurance. This essential safety net ensures that even with the most passionate planning, your dream vacation can be protected against unexpected curves the journey may throw your way.

Psychology and the Hesitation to Purchase Insurance

June 16, 2025
Have you ever meant to purchase life insurance but found yourself putting it off time and again? You're not alone. It's a common scenario, full of good intentions yet stalled by various hurdles along the way. Many of us have experienced this delay, and it's important to understand that the hesitation often stems from something deeper than mere procrastination or neglect.

Stay Safe Online: Understanding Cyber Risks and Insurance

June 12, 2025
Our daily existence is becoming digitally integrated at an unprecedented pace, making cybersecurity a paramount concern. From online shopping and social networking to managing smart homes, our personal and financial information is more exposed than ever. High-profile incidents, such as the Grubhub data breach and PlayStation Network hacks, highlight the vulnerability of our digital lives. Despite this, many people believe their home insurance covers cyber risks, which is often not the case. This is where cyber insurance becomes crucial.

Does General Liability Cover 1099 Workers?

June 10, 2025
Navigating the world of liability insurance can be daunting, especially when working with independent contractors. Many business owners mistakenly assume that their General Liability (GL) policy covers all potential risks associated with their independent contractors. However, the reality is more nuanced, and misunderstanding these risks can lead to significant exposure if contractors don't have their coverage.

Understanding Life Insurance vs. Accidental Death Insurance

June 6, 2025
Financial planning plays a crucial role in safeguarding the well-being of your loved ones. It's an essential step to ensure that, in unforeseen circumstances, your family remains secure. As part of this planning, understanding the nuances of various insurance options, such as life insurance and accidental death and dismemberment (AD&D) insurance, becomes imperative. Many people find these terms confusing, yet making an informed choice between them can significantly impact your financial safety net.

The Psychology Behind Underinsurance Revealed

June 4, 2025
If you've ever thought about getting life insurance but never quite got around to it, you're not alone. Many people find themselves with the best intentions to secure their financial future, only to let the task linger just out of reach. It’s important to know that this hesitation isn't solely about procrastination or neglect—there's a deeper, shared experience at play here.

Benefits of Online Registration for FSA and HRA Account Holders

June 2, 2025
Efficiency and ConvenienceOnline registration offers participants the ability to manage their Flexible Spending Account (FSA) and Health Reimbursement Arrangement (HRA) accounts from virtually anywhere at any time. With just a few clicks on a computer or mobile device, users can handle all aspects of their accounts efficiently.Faster ProcessingTaking advantage of online access, participants can swiftly submit reimbursement claims or upload documents to verify debit card expenditures. This method minimizes delays and errors, allowing quicker access to reimbursements when funds are needed most.Accurate RecordkeepingThe online system ensures clear and accessible records of all contributions, reimbursements, and debit card transactions. With real-time tracking, participants can maintain well-organized records, aiding them in tax preparation and ensuring their accounts remain compliant.Enhanced SecurityOnline platforms implement advanced security measures to protect personal and financial information, offering a superior level of protection compared to the traditional paper-based submissions via fax or mail.Access to Additional ResourcesAn online platform typically includes helpful resources such as FAQs and live chat support, enhancing the participant experience and satisfaction with the FSA or HRA.Easy Account UpdatesParticipants can seamlessly update their demographic details, set up direct deposit for reimbursements, add dependents, or order additional debit cards for family members, ensuring their account information is always current.Embracing online registration simplifies the management of FSA and HRA accounts, providing users with peace of mind and greater flexibility.

Paying Employees for Rework: What Employers Need to Know

May 29, 2025
Understanding Employee ReworkEmployers often face questions about whether they must compensate employees who voluntarily put in extra hours to fix their own mistakes. This issue frequently arises when an employee chooses to correct errors outside of regular working hours without explicit instructions from management.Legal Obligations Under Federal LawAccording to the Fair Labor Standards Act, if an employer permits or requires employees to work, the time is generally considered hours worked and must be compensated. Even if the work is not directly requested, if the employer benefits from it and is aware it is being done, it counts as hours worked. This is typically referred to as working off the clock.The Importance of Management OversightIf employees are correcting their own mistakes—referred to as "rework"—the time they spend on these tasks is considered hours worked and should be compensated. Employers are responsible for maintaining control, ensuring that unnecessary work is not being performed, and recognizing that time spent on rework should be compensated.Addressing Performance IssuesIn at-will employment settings, continuous errors that result in rework can be treated as a performance issue. Employers have the right to address these issues through disciplinary measures, which can include termination if necessary. It's crucial that employers apply performance policies consistently to prevent discrimination claims or perceptions of unfair treatment.