Did you know that September is Life Insurance Awareness Month? Â To kick things off, here are a few stats about life insurance.
- The reasons people get life insurance, in descending order, are final expenses, income replacement and paying the mortgage.
- 70{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of American households with kids would have trouble keeping up with their everyday expenses if they primary wage earner were to die.
- 85{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of people think that life insurance is important to have, but only 62{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} have it.
- 83{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of Americans don’t have as much life insurance as they think they should, and yet they think it costs three times more than it actually does.
- 40{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of Americans who do have life insurance don’t think they have enough.
- Life insurance ranks as the seventh most important financial priority.
- People worry less about life insurance as their household income increases.
- 20{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of people wish their significant other had life insurance.
- 72{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe} of Americans had life insurance in 1960. Â In 2010 that number had dropped to 44{66506b27ca8f5234034d808fc0aabc14bc16ceb45d71027974b073b60f711cfe}.
Check back next week for more information on life insurance during 2015’s Life Insurance Awareness Month. Â In the meantime, if you want more information or to discuss how we can help you with life insurance, click here.