As we head into September, you’ll be hearing a lot about Life Insurance Awareness Month. I wanted to take some time to share with you some interesting life insurance statistics. While reading them, think about your own situation. Are you underinsured? What would your family do if the unthinkable were to happen. Some of facts from LIMRA International for Life Insurance Awareness Month
Millions of Americans have no life insurance coverage.
- Only 61 percent of adult Americans have life insurance protection, a decline from 70 percent in 1984.
- Only 41 percent of adult Americans have individual life insurance. Many rely on group insurance, leaving them vulnerable if they lose a job.
Most people who have insurance coverage don’t have enough.
- The average life insurance need is about $459,000, but the average amount of life insurance owned is $126,000. The average underinsurance is more than $300,000.
More after the jump…