Facts About Life
The following data is from the LIMRA 2020 Facts About Life Report. This year the COVID-19 pandemic has raised the awareness of the fragility of life and how precarious financial stability can be. Despite the fact that people generally recognize the value of life insurance, LIMRA research shows 46% of Americans are uninsured and many more do not have enough coverage. Before the pandemic, nearly 1 in 3 families said they would face financial challenges within a month if the primary wage earner died.
Who currently owns life insurance?
• More than half of American adults (54%) own some type of life insurance.
• In January 2020, prior to the coronavirus pandemic, 36% of Americans who didn’t currently own life insurance said they intended to purchase it within the next 12 months.
• In May, more than half of Americans (53%) expressed a heightened need for life insurance because of COVID-19.
• Women are less likely to own life insurance than men. Just 47% of women own life insurance, compared with 53% of men who own life insurance.
Why don’t people own life insurance?
• Sixteen percent of consumers—41 million Americans—say they need life insurance coverage but don’t have it.
• The top three reasons to not purchase (or to not purchase more) life insurance are:
1) They have other financial priorities (67%)
2) It is too expensive (65%)
3) They don't feel like they need it (56%)
• Many also overestimate the cost of life insurance. Half (50%) of Millennials believe the estimated yearly cost for a $250,000 term life policy for a healthy 30-year-old is $1,000 or more when, in actuality, it’s closer to $160 per year
Let me do the leg work for you and find you a life insurance policy that is in your budget and works best for you.