Startling Statistics About Life Insurance
LIMRA, a worldwide life insurance research group, issues its Facts of Life report each year which always reveals some very startling data about life insurance ownership in the US. The report shows that although many see the value in life insurance coverage, millions of households go uninsured or underinsured. Life insurance rates have never been more affordable. Life insurance can provide your loved ones with the needed funds to replace your income should you pass away. Here is a breakdown of some of the key facts from recent reports.
Statistics on Life Insurance Ownership
- Less than half of middle market consumers ages 25 to 64 have individual life insurance.
- 44% of those without life insurance say they need it.
- Thirty percent of U.S. households have no life insurance at all; fifty percent of U.S. households (58 million) say they need more life insurance.
- The most commonly cited reason for not purchasing more is cost (63 percent cited “too expensive”)
- Almost 70 percent of consumers say required cost-of-living expenses are keeping them from buying some or more life insurance.
- More than 50 percent say additional living expenses, such as Internet, cable and cell phone costs prevent them from purchasing life insurance.
- One third of Americans believe they would feel the financial impact from the loss of a primary wage earner within a month of the wage earner’s passing. Half say they would feel an impact within six months.
- 54% percent of consumers are most concerned with determining whether they are getting their money’s worth. They also find understanding the policy details and knowing how much coverage to buy challenging.
- While 4 in 10 households with children under 18 now include a mother who is either the sole or primary earner for her family yet, among women who have life insurance, their coverage is only 69 percent of the average coverage on men.
We usually take this time of the year to make resolutions and take inventory of such things as our finances. Take a look at your life insurance situation. Are you covered? If so, do you have enough? Talk to an agent and see how easily life insurance can fit into your budget. Life insurance has never been more affordable, making coverage possible for virtually any budget. Protect your loved ones today. Don’t be another statistic.
About Us
Archstone Insurance Services, LLC is an independent agency that shops over 40 of the top life insurance carriers to provide huge savings on life insurance coverage for our clients. We are happy to answer any questions you might have about any of the insurance products we offer, your planning needs or your existing coverage. Feel free to call us directly at (888) 687-9444 or email us at info@archstoneagency.com.
