I was listening to the radio while traveling to an appointment. The discussion on the show was the money paid to families of 9/11 victims by the Federal government, i.e. taxpayers. Some of the discussion was the lack of money given to the victims’ families of other tragedies, like the Oklahoma City bombing. As the discussion was going back and forth one question kept creeping in my mind, “Isn’t that what life insurance is for?”
What do you think?
With that in mind I want to share with you some information about life insurance. September is Life Insurance Awareness Month. Here are a few statistics on life insurance in America.
Do you recognize someone in these facts?
29% say they would feel the financial impact from the death of the primary wage earner in 1 month.
64% of adults agree they personally need life insurance, and 30% say they need more than they have.
More than a third of adults are concerned with leaving others to pay for their funeral expenses.
Almost half of adults age 25-44 are concerned with leaving dependents in a difficult financial situation should they die prematurely.
1 in 5 wish their spouse or partner had life insurance-or more of it.
1 in 3 women believe they don't have enough life insurance coverage.
People cite "replacing income" as a top reason for owning life insurance.
Source: "2015 Insurance Barometer Study, Life Happens and LIMRA"
Considering what life insurance can do it really isn't that expensive, is it?