Online life insurance calculator available in conjunction with Life
Insurance Awareness Month
PHILADELPHIA, Sept. 4, 2007 /PRNewswire-FirstCall/ -- According to LIMRA International, parents in the United States find buying life insurance complex and confusing -- half don't know how much to buy and 39 percent worry about making the wrong decision (1). To help consumers learn more about life insurance, CIGNA Group Insurance has created a new online consumer education toolkit, available at http://www.cigna.com/liam.
The toolkit, launched at the start of Life Insurance Awareness Month, provides consumers with information and resources, including a life insurance calculator that helps answer a common consumer question -- "how much life insurance do I need?"
"Life insurance undoubtedly provides financial security for loved ones after a person dies. It is an essential part of an individual's financial plan and is often available at an affordable cost as part of his or her employee benefits package," said Jim Jacobsen, vice president of product for CIGNA Group Insurance. "Beyond these important aspects, CIGNA recognizes there is more to life. CIGNA offers many value-added benefits along with our life insurance policies to help people maintain their health, well-being and security throughout their lifetimes."
Within the new online consumer education toolkit, individuals can learn more about several added benefits available to them as life insurance policyholders, including:
-- CIGNA Life Assistance(SM) offers support, counseling and resources to
help individuals cope with a wide range of issues, from parenting
challenges to financial or legal matters. All services are confidential
and can be accessed 24 hours a day, 365 days a year.
-- CIGNA's Healthy Rewards(R) discount program, offered in conjunction
with CIGNA Life Assistance(SM), promotes healthy lifestyles through
discounts of up to 60 percent on a variety of health and wellness
products and services ranging from discounts on fitness club
memberships, to tobacco cessation and weight management programs.
-- CIGNAssurance(R) provides comprehensive services and support to
beneficiaries of life or accident policyholders including legal,
financial and bereavement counseling.
-- Disability Solutions for Chronic Conditions, offered in conjunction
with CIGNA's disability and life products, can assist individuals in
managing chronic conditions such as diabetes, cardiac disease or
asthma. This program can help lower overall health care costs while at
the same time help individuals maintain a healthy lifestyle and reduce
absences from work.
-- Accelerated benefits, such as Terminal Illness or Specified Disease,
added to a life policy offer early payout options of life insurance
proceeds should an individual become terminally ill or be diagnosed
with a critical illness such as cancer or heart attack. These benefits
can help pay for alternative healthcare, or help individuals and their
families face the financial challenges that a disease diagnosis can
According to LIMRA International, 22 percent of families with dependent children admit they will have immediate trouble meeting everyday living expenses, and another 26 percent can cover expenses for only a few months if a primary wage earner dies (2). Life Insurance Awareness Month, being observed throughout the month of September, is an industry-wide campaign designed to build awareness and educate consumers on the financial challenges their loved ones could endure as a result of not having enough life insurance. The campaign is being coordinated by the nonprofit Life and Health Insurance Foundation for Education (LIFE).
In addition to its new online consumer education toolkit, CIGNA is encouraging consumers to learn more about their life insurance plan and to ensure their beneficiary designations are up to date.
"Life insurance policyholders have a very important job, which is to ensure that their loved ones will have easy access to the benefits they have purchased," Jacobsen said. "Ensuring that beneficiary designations are up to date and accurate is crucial."
Jacobsen suggested that policyholders might consider updating beneficiary information at the same time as another annual task, such as when they're scheduling an annual doctor's visit. "That way, it will become a routine step that assures their loved ones will have access to the benefits they are entitled to receive."
About CIGNA Group Insurance
CIGNA Group Insurance products and services are provided by Life Insurance Company of North America and other CIGNA companies. These companies provide group, disability, life and accident coverage in the United States, and are one of the top five providers in disability management and insurance with solutions that focus on helping employees return to a productive work life as quickly and safely as possible. These companies are also one of the top five providers of group term life and group universal life, and the second leading provider of group accident insurance, including voluntary accident and business travel accident insurance. "CIGNA" and "CIGNA Group Insurance" are registered service marks of CIGNA Intellectual Property, Inc. licensed for use by these companies.
(1) LIMRA International, ''Facts About Life 2007''
(2) LIMRA International, ''Facts About Life 2007''
|SOURCE CIGNA Group Insurance|
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