Life Insurance Breakdown
It is surprising to hear that 93% of Americans believe that having some type of life insurance is a necessity; yet only 70% of households have life insurance. This means that almost 35 million families are lacking the coverage they desperately need. It is shocking to learn that 2/3 of Americans believe that having insurance provides peace of mind, while 30% of Americans do not have life insurance coverage.
It is scary that many people will not buy life insurance even after reading and looking at the infographic below. There are many valid reasons to purchase life insurance such as getting married, starting a family, purchasing a home, or gaining some sort of financial inheritance. Other reasons to inquire about life insurance are to lock in lower rates while you can. If you are a smoker your rates will most likely increase by around 20% or more and if you are getting older or have deteriorating health then your rates will also increase.
What things do you want to cover when purchasing life insurance? The two most important factors are funeral costs and the income of the deceased. Funeral costs are not cheap and can run up to $20,000. If your main source of income passes away then your family will need a way to supplement the missing income. It is a smart idea to have a life insurance plan that covers ten times your family’s gross income.
There are two main types of life insurance, term and whole life. Each has its pros and cons. Lets take a look below:
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