Are you among the Millions of Americans without Life Insurance?
Did you know that as many as 95 million adults, or 41% of the US population, is without life insurance? If you want to break this down further to account for gender, 39% of men and approximately 43% of women in the US do not have life insurance.
Yet, despite these figures, 93% Americans believe life insurance is important, and 50% say that their coverage is insufficient.
What Experts Recommend
Experts recommend a coverage plan that is 10 times the current annual income which averages out to be just a little over $400,000; while in reality, the average American is only insured for about $166,800. The recommended amount is set to consider the high final expenses related to the deceased person and the impact of their absence as the family’s bread winner.
What things should I take into consideration while purchasing life insurance?
People have different needs and even though the average recommended amount is clearly stated above, the same does not apply to everyone.
In order to find out how much coverage you need, look into the following things:
- How many dependents do I have?
If you have children, you will need a greater amount to cover their education and other day-to-day living expenses.
- Is my spouse working?
If no, then that’s another dependent. If yes, then that’s one less dependent and you have someone to look after the kids after you’re gone.
- Do I want to create a will before leaving?
If you have no dependents then you may not need a life insurance policy. But you may still want to leave a will for your extended family or perhaps, make charitable donations, and in either case, life insurance comes in handy. Even if you have dependents, you can get more coverage if you leave a living will.
- What is my life expectancy?
Consider the most common causes of death in America, and your susceptibility to them.
- 1 in 5 die from heart diseases
- 1 in 7 die of cancer
- 1 in 24 die from a stroke
Unnatural causes of death primarily happen due to road accidents (1 in 84), falling (1 in 218), firearm assault (1 in 314), pedestrian accident (1 in 626), drowning (1 in 1,008) and motorcycle accidents (1 in 1,020).
Choice Plus Benefits (http://www.choiceplusbenefits.com/) is a premiere life insurance provider in Dallas, TX that offers a broad range of life insurance plans. We have help families cope with the loss of their loved one and meet the financial challenges that follow their demise. Contact us today to let us help you find the most suitable life insurance plan for you and your family.