Many Americans recognize the importance of life insurance. It provides both peace of mind and security to families that are confronted with the death of a loved one. The life insurance industry provides protection to 75 million American families, and in 2009 $59 billion were paid to life insurance beneficiaries. Even so, 95 million adults have no life insurance, while insured Americans have, on average, far less than most experts recommend.
Statistics show the need for greater awareness of life insurance and its benefits:
- Four in 10 adult Americans have no life insurance at all. Estimate your family’s expenses in case of your death
- Insured Americans, on average, have only about three-and-a-half times their annual income in life insurance coverage. Many insurance experts believe that people’s true need for coverage is 10 times their gross annual income, and sometimes more.
- Only 35 percent of adult Americans have individual life insurance. Many rely on insurance provided by their employers, leaving many employees without coverage if they were to lose their job or change jobs.
- Each year, a significant number of Americans (600,000) die prematurely. In fact, the chances a 25-year-old male will die before reaching the retirement age of 65 is nearly 1 in 5; for a female, the odds are 1 in 9.
- When a premature death occurs, insufficient life insurance coverage on the part of the insured results in 75 percent of surviving family members having to take measures to meet financial obligations, such as work additional jobs or longer hours, borrow money, withdraw money from savings and investment accounts, and, in too many cases, move to smaller, less expensive housing.
Please contact me below for a free consultation and review of your current or nonexistent Life Insurance Policy.
Sandy Essex,
CLTC Long Term Care Planning Advisor
847.695.6690
Visit us at www.BestLtcAdvice.com
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