The following editorial about Life Insurance Awareness Month was carried in the South Florida Sun-Sentinel last week. In addition, Florida's Chief Financial Officer (and candidate for governor) Alex Sink put it in her weekly newsletter which is sent out to 240,000 subscribers. And, Florida Public Radio will be doing a story on it that will be aired next week and also will be on their show The Capital Report.

Importance of Life Insurance Hits Home for an Expert

By Bob Lotane, NAIFA-Florida

For years I have expounded on the importance of life, long term care and disability insurance through my job as political affairs and communications director for an association that represents insurance agents and financial advisors. And I certainly learned the significance of sound insurance planning as the communications director for the Florida Office of insurance Regulation and as press secretary at the Department of Financial Services. This year, however, I learned firsthand the importance of sound insurance planning.

Following a tough 16 month battle with cancer my wife Robin passed away, in July, at age 48. Suddenly, I was the subject of one of the hundreds of stories that I have been told about a loved one whose life ended way too early. The agents I work with deal with these tragedies all the time. I was the one in the many tearful videos I have seen at so many conventions who had to try to put my life back together after I lost my wife, my partner, my best friend. And, yes, I was the one who had one less concern on my mind as it seemed my whole world was crashing around me.

That is because Robin and I, fortunately, had made sure that each of us had our future well protected by life insurance. But I learned it was not only about the future. Knowing you are protected allows you to not have to worry about the consequences of some of the large costs that can accrue during a terminal illness or accident.

When the hospital social workers gingerly told me how much it would cost to hire private ambulances to get Robin to Tampa for a procedure to alleviate suffering and then to get her home to Tallahassee, I was able to say, “Don’t worry about it, do whatever it takes to make her comfortable.” We were fortunate enough to have the resources, but even if we didn’t, I would not have had to be concerned about going into debt to make her comfortable or about the costs after she passed away. The funeral director told me that conversations with families about final arrangements are much less stressful when the family has life insurance.

September is Life Insurance Awareness Month; the importance of this has been proclaimed by Governor Charlie Crist. Each year a significant number of Americans (550,000) die prematurely. In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female, the odds are 1 in 9. Effective life insurance can be bought for relative pennies on the dollar. I urge you to consider it carefully with your loved ones.

Bob Lotane is the communications and political affairs director with the National Association of Insurance and Financial Advisors – Florida