A. First, let's see some facts about life insurance in U.S. -According to the Life Insurance and Market Research Association (LIMRA):
● Only 44 percent of U.S. households have life insurance.
● One in five households with children under age 18 is uninsured.
● Nearly half (48 percent) of households that do own life insurance have too little coverage — enough to last their heirs only a few years.
Lack of awareness isn’t the problem. Of families with no coverage, 73 percent recognize their need for it, and 62 percent say they would be in immediate financial trouble if a primary wage earner died, according to LIMRA.
The three most common reasons people cite for not buying life insurance?
- The fear that it’s too expensive
- Procrastination
- Worry over lack of knowledge about how much insurance is needed.
None of these excuses is valid, of course.
As for cost, sure, it costs money. But so does a big-screen TV. The latter is a luxury and the former a necessity. And policies are surprisingly inexpensive these days. For example, a 40-year-old male nonsmoker in good health can get a $500,000, 20-year term policy for about $390 per year, and that policy even comes with FREE Living Benefits Riders. Female nonsmokers' premium will be even lower.
Procrastination? Please. “Here lies Dad. He left us in dire straits because he was too lazy to buy life insurance.”
Don’t know how to buy life insurance? Contact us. We’ll show you how to determine the amount of coverage you need to protect your family, and how to buy a policy inexpensively.