GOLDEN VALLEY, Minn. -- September is National Life Insurance Awareness Month, and by the looks of things, we need to pay attention. More than 30 percent of U.S. households lack life insurance. More than 40 percent admit to a need to purchase a larger policy.

Why is this important? The hard truth is, you won't always be here. If you are single with no dependents, all you need to worry about is covering funeral costs. But if you do have loved ones depending on your income, life insurance is critical to their well-being.

Dan Ament, financial advisor with Morgan Stanley in Wayzata says not only is life insurance critical, having enough is equally important. On KARE11 Sunrise, Dan highlighted areas to consider when figuring out the amount you need. That includes replacing your income, debts, education costs, housing costs. Dan has a worksheet to help you figure out your need.

Topics of discussion for your insurance broker- should you get term or permanent coverage? It depends on what you want the insurance to do. Some people like to use it as an investment vehicle. Others want a cheaper option, which is generally term insurance.

A lesser-known product is hybrid life insurance, which combines life insurance with long-term care insurance. If you don't need the long-term care, you still benefit (or your survivors do) from the life insurance element. Research products carefully as they might not offer all the coverage you are looking for.


LIMRA Life Insurance Statistics and hybrid policies