Everyone knows life insurance is important to have. One never knows when something might happen to them, leaving their loved ones with debt and funeral costs, not to mention a reduction in standard of living if the loss of income is not offset. It’s interesting, then, to see how people think of life insurance. Here are some recent findings.

  • 84% of Americans polled think it’s important to have life insurance, but…
  • 70% think they need it themselves and…
  • only 59% actually have life insurance, though…
  • about 30% who do have life insurance only have basic group plans.

Life insurance also ranks pretty low in the area of financial concerns, coming after retirement, disability, potential medical expenses, debt, and living expenses. People just don’t worry too much about dying, it seems, as only 3% of people put final expenses as their top financial concern. To their credit though, about a quarter said that it is “very concerning.”

People are a bit mixed about life insurance. While people do think it’s important, as we said before:

  • 34% of respondents wishes their significant other had more life insurance than they do, and yet…
  • 10% didn’t know if they had any at all, though…
  • 40% thought they were underinsured, while…
  • 60% had no idea whether they had enough life insurance coverage or not.

The top reasons people didn’t have life insurance are not new. Two-thirds think it’s too expensive and that other finances were more important. A little over half thought they had enough, whether they had it or not.

There’s obviously a lot we can do to make sure people are more educated about life insurance, not only the benefits, but the cost as well.

If you have any questions about life insurance, whether you know you have it, how much you’ve got, or how it can help your family, get in touch with us.

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