Do you have enough Life Insurance?
Recent life insurance statistics show that most Americans have little or no coverage. To find out why this is not a good thing, read on.
[Editor’s Note: This blog was originally published on September 24, 2014. The content has been modified.]
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 any coverage, a decline from 70 percent in 1984.
- Only 41 percent of adult Americans have coverage. Many rely on group insurance, leaving them vulnerable if they lose a job.
Most people who have Life Insurance coverage don’t have enough.
- The average life policy need is about $459,000, but the average policy owned is $126,000. The average underinsurance is more than $300,000.
Everybody needs life insurance. It turns pennies into dollars when your family needs it most. Say you’re a healthy 30-year old male who wants to purchase a $500,000, 30-year level term policy. Your annual premium will be around $486. That’s just about a dollar a day! It’s also less than a cup of coffee.
To find out more about life insurance, talk to AccuQuote. We can provide competitive life insurance quotes from the top-rated, brand-name insurance companies you know and trust.