Life Insurance

They say the most important tasks in life are the easiest to forget. For instance, have you ever paused to ask yourself what would happen to your family if you passed away?

Shocking Life Insurance Statistics

Well, it is not the easiest of tasks, but ignorance is no defense. Knowledge of life insurance is an ineluctable part of your financial management. With so much information flow today, it is shocking most Americans do not have this policy.

A study by LIMRA’s Life Insurance Barometer shows 62% of participants in a 2013 survey have no life coverage. Another 2012 study published on U.S Money shows only 44% of U.S households have individual life coverage, which is a 50%-year low from highs of 72% in 1960.

Shockingly, Insurance Information Institute (III) says 89% of household owners know about life insurance yet ignore the policy despite its important role in keeping their families intact.

Life Insurance Coverage Facts

If you are among the large number of household owners who have no life policy coverage, why not jog your memory with some cold facts to highlight how critical this policy is?

It is easy to argue that you can’t insure something you cannot control. This is where you get it wrong because this life policy is a contract between you and your insurer where you pay premiums to cater for your dependants in case of your untimely demise.

Now, look at that family you adore so much. If you are the sole bread winner, consider what would happen to them. A life policy guarantees them continuity by providing income, paying final expenses, creating an inheritance for your heirs, help pay for any estate taxes and other expenses.

Life policies differ depending on the type of payment that will be made and the length for which such payment will be made. These include:

Still feel like life insurance is unnecessary? Take a look at your loving family once again and flash forward.


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