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NEWARK, N.J.--([ BUSINESS WIRE ])--Fallout from the long economic downturn has made it more important than ever for families to insulate themselves against financial shock. And yet, ownership of individual life insurance stands at a 50-year low, according to LIMRA research conducted in 2010. That represents a big risk to financial security in a lot of American households.

"For many families, lack of coverage isn't necessarily a cost issue. It comes down to information -- or, more precisely, a lack of it"

aFor many families, lack of coverage isn't necessarily a cost issue. It comes down to information -- or, more precisely, a lack of it,a said Mark Hug, executive vice president of Marketing and Distribution, Prudential Individual Life Insurance. aThere are fewer agents selling life insurance than there were a generation ago, and there are many more financial products to consider from retirement savings to investment vehicles. So conversations about life insurance matters have taken a back-seat.a

Hug said the need to educate consumers is why Prudential is a supporter of Life Insurance Awareness Month. aWe need to raise the level of awareness about the valuable protection of life insurance and address the many barriers that exist. For example, people who are being treated for various illnesses often assume they donat qualify for life insurance. But in many cases, you can still find coverage, even if you've been treated for heart disease or some types of cancer. Just as importantly, we need to understand consumer perceptions across all markets to make sure conversations about life insurance are relevant and taking place.a

According to Prudentialas biennial study, Financial Experience & Behaviors Among Women, the majority of women surveyed are primary breadwinners (53%) with nearly a third saying they earn more than their spouse as a direct result of the challenging economy. Yet, LIMRAas research suggests women are less likely to own an individual life insurance policy today than they were six years ago.

Hug says an insurance policy's death benefit can be the difference between staying in a family home, affording college, keeping a treasured family business and not. There are several key things to start thinking aboutwhen selecting a policy, such as:

• Calculating how much coverage you need;
• Considering the period of time for which you need coverage to determine if term or permanent insurance is right for you; and
• Determining how your needs fit within an overall plan that suit your personal circumstances, your financial priorities and your budget.

aA combination of coverage can help meet budget constraints,a Hug said. aTerm life insurance can typically provide larger amounts of protection for short-term needs than permanent life insurance, and permanent life insurance can cover your long-term needs like planning for transferring wealth.a

September is Life Insurance Awareness Month, which makes it the ideal time to think about life insurance needs. This effort is an unprecedented collaboration among companies, agencies, associations and individual agents committed to a single goal a" to help millions of Americans understand and obtain the life insurance coverage they need.

Policies are issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates and contain exclusions, limitations, reductions of benefits and terms for keeping them in force. A financial professional can provide you with costs and complete details.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudentialas diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudentialas iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ http://www.news.prudential.com/ ]

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