Would you be affected if you or the primary wage earner in your family passed?
One in three homes say that they would have immediate trouble paying living expenses1. September is Life Insurance Awareness month, meaning companies like Life Happens and LIMRA are working together to help educate the masses about the importance of life insurance. Thirty-five million Americans reported having no life insurance2, while 65% of those say they need it3. So, what’s the separation?
According to a LIMRA study, most people believe life insurance is as much as three times more expensive than it is2. The truth is life insurance payments can be less than a dollar a day. The average amount of life insurance coverage for an American adult is $167,0005,and in 2013, life insurance companies paid more than $548 million in benefits5!
With the money paid out from your life insurance, your beneficiaries would be protected from any immediate financial crisis. The money could be used for any number of things, such as debts, groceries and bills. Did you know that the average mortgage debt for the majority of people ages 46-49 is more than $209,0006?
No one likes to think of how death can affect their loved ones, but it’s important to know what you can leave them after your passing. Life insurance was created to give your family a piece of mind in an otherwise tragic time. For more information, please visit Life Happens, or contact one of our many qualified Advisors today.
1 2016 Insurance Barometer Study LIMRA / Life Happens
2 Facts from LIMRA Life Insurance Awareness Month, September 2012
3 2014 Insurance Barometer Study LIMRA/Life Happens
5 Facts from LIMRA Life Insurance Awareness Month, September 2013
6 Average Middle Market Debt and Retirement Planning August 2014