While 93% of Americans think that life insurance is necessary, it turns out that 37% of adults don’t actually have it for themselves. Of the 63% who do, 50% of them do not have adequate coverage to suit their needs. Doesn’t this seem a bit crazy to you? In this life insurance infographic by Efinancial Life Insurance, we’ve found that 3 in 10 American households are uninsured! Most people believe that they can’t afford maintaining a life insurance policy, but the fact is that life insurance is extremely affordable and critical to protect your loved ones after you’re gone!
When it comes to taking care of your family, Efinancial found that 1 of every 5 husbands doesn’t have life insurance, and 1 of every 3 wives doesn’t. As indicated in the insurance infographic, 4 in 10 women have no coverage, and 6 in 10 women between the ages of 18 and 24 have no coverage. Many stay-at-home parents operate under the misunderstanding that because they don’t bring in a monetary income, that they’re not providing a valuable service, without seeming to realize that in their absence, it would cost tens of thousands of dollars to hire someone to do all the work they do! Day care for a single child, Monday-Friday can cost well over $500/week; now think about that expense, plus chauffeuring the family around, cleaning the house, cooking every meal, and every other household task there is to be done! Life insurance ensures that your family’s needs are met when you can’t be there to help anymore.
Experts estimate that you should prepare 10x your gross annual income to replace your income. Some of the things life insurance is meant to cover are final expenses of a funeral or burial service, any debt or mortgages you have, and to pay for your kids’ college education. There are many events over the course of your life that can change the terms of your life insurance policy. If you get married, have a child, buy a house, your responsibilities will change, and thus the coverage you require needs to be adjusted. 41% of life insurance shoppers said that life events, such as getting married or having a baby, prompted them to shop for life insurance. 40% of households with children said that they wouldn’t be able to meet everyday living expense if they lost one of their breadwinners today, according to Efinancial’s insurance infographic.
There are several things that impact your premiums, like what you do for work, your age, health, driving record, and whether or not you smoke or participate in risky activities. The best way to get the lowest premium possible is to buy your plan as soon as possible! IQO is here to help; fill out our form on the front page to find the perfect life insurance policy for you today!