Credit card debt, underwater mortgages and being chained to seemingly never-ending car payments is something most Ame,ricans are faced with. Whether they lost their job during the financial crisis, are severely under-employed or drowning in a pile of student loans, many American’s can’t survive without an income for more than a few months. For a couple, this means that when one suddenly passes on, the other will quickly be in a financial bind. This sober reality just goes to show how essential it is to have life insurance on yourself and, if you have one, your partner. For more information and consultations, you can visit this great site.
We found five shocking statistics about how American’s view life insurance and their thoughts on purchasing a policy. According to the results of a 2013 survey done by LIMRA, only 62% of the people in the United State have some type of life insurance policy. The good news is that this means six in ten people have insurance, but the bad news is that nearly four of them will likely be in a tough financial situation when their partner passes, or their children’s caregivers won’t have adequate resources with which to raise the kids to adulthood if a single parent passes away.
But even a quarter of them think they don’t have enough. Having some insurance in place is better than nothing, but it’s best to up your policy amount as soon as you realize that it’s not enough. Life insurance premiums go up as you age, so it’s in your best interest to get an additional policy while you’re young and healthy.
Only 10% of the uninsured are very likely to purchase a policy in the next year. For those who think they don’t qualify for premium rates and want to wait until they have been tobacco-free for a year or who want to drop those last 30 pounds, don’t wait. Suppose it takes three more months to achieve those goals and in the meantime you’re diagnosed with lung cancer or diabetes. Now your chances of getting any coverage are close to zero, so you may need to hire a Mesothelioma Explained | Mesothelioma attorney at the end.
Another reason so few uninsured won’t be making a purchase may be because of this next statistic: Nearly two-thirds, 63%, of Americans without life insurance think that life insurance is too expensive. Life insurance is an expense, but the rates do vary depending on each individual. An active 20-something female is going to have lower rates than a chain-smoking 38-year-old with a family history of heart disease. So for some people it might seem expensive, especially since there’s a good chance you’ll outlive your term life policy. But change your perspective for a moment: how will your family get by financially if you’re gone? The peace of mind that you have when life insurance is in place is priceless. Keep this in mind and you’ll happily pay $300 a year “just in case.”
Finally 87% of American’s don’t own a long-term care insurance policy. No one plans to be disabled to the point of needing long-term nursing care and rehabilitation services, but the reality is that it some people need it. People nearing retirement age are most likely to need such care. Imagine that you’re nearing retirement but not quite financially stable. Your partner suffers from a stroke and you start dipping into savings to pay for their care.
Term life insurance is the cheapest kind of coverage and gives you the peace of mind knowing that you’ll be covered for a certain number of years while you work to pay off debts, pad your savings and get to a point where you’ll be okay without having life insurance. Contact us at LifeSource Direct today to learn just how affordable life insurance really is!