Happy first day of summer!
Yes, today is the longest day of the year. It is also the summer solstice, or the point in the earth’s orbit where the earth’s axis of rotation points most toward the sun — in case you were wondering. And if that’s not exciting enough for you, we also get to witness a supermoon this weekend.
Summer means 3+ months full of barbecues, baseball, fiery sunsets, roasting marshmallows and swimming with the kiddos. It’s also one of the best times of the year to purchase term life insurance. Here are the top two reasons why.
The Life Insurance Company Could Approve Your Application Sooner
Summer is the slow season for term life insurance application. Every year we see a decrease in the number of applications submitted for coverage. The primary reason is that people are simply busier during the warmer months. Family outings, vacations, children’s camps, parents occupied with children who are out of school all conspire to occupy our time. I get it. I’m in the same boat myself.
But we also see a great opportunity for those who do take the time to apply now to have their applications processed quicker. Volume is down for many life insurance companies, meaning more time is available to work on your application. The underwriting process normally takes from 2 – 6 weeks, depending on the unique needs of your application. But applying during the slower summer months can mean cutting several days off that process. It may not sound like much, but you’ll be covered sooner and have more time for all those summer activities!
More Accidents Happen in the Summer
Summer is one of the busiest time of the year for outdoor recreation and travel. Family vacations, parties, barbecues, sporting events, beaches and other family outings all combine to increase the potential for accidents. Add alcohol consumption and impaired driving, both of which increase during summer, and you now have a recipe for even more accidents.
Auto accidents remain the leading cause of accidental death in the U.S. 32,367 people died on America’s highways in 2011, according to the Insurance Institute for Highway Safety. 9,022 of those deaths happened during the summer months of June through August, the highest 3-month period of the year. That’s over 100 people each day during the summer.
The National Highway Traffic Safety Administration reports in 2011, July was the second deadliest month with an average fatality rate of 1.12 per 100 million miles traveled. That compares to 0.88 for February, the safest month of the year. September and August were the third and fourth deadliest months in 2011 respectively. October was the deadliest month with a fatality rate of 1.13.
Auto accidents aren’t the only type of accident to increase in summer. Unum Insurance noted a nearly 20% increase in accidents resulting in emergency room visits during the summer of 2012. Some specific dangers to be aware of are:
- Heat related injuries – dehydration, sunstroke, sunburn, etc.
- Drowning – open water lakes, rivers, reservoirs, pools, etc.
- Burns – from grills, campfires, fireworks, etc.
- Broken bones and lacerations – outdoor activities
You can see why now is a great time to protect yourself and your family with term life. When you’re done viewing the supermoon this weekend, take a look at some term life insurance quotes. Find a company and a policy within your budget and start your application. You’ll be on your way to a more enjoyable summer!