Life Insurance
According to a new survey, by Limra, an industry research leader, the percentage of US families without life insurance hit a 50 year high this year.
Why is this not a surprise?
- Jobs-it is difficult to pay a life insurance premium when you are without work! Maybe food, lights, and roof are more important.
- The choices are difficult to make-the choices are confusing: whole life, term life, universal life, not counting the annuities sold as life insurance.
- The number of agents serving the middle class has dropped-as the profit margin/commissions are down from the effects of the economy.
- Work provided insurance-many were depending on the policies provided at work-with job loss, or employers cutting this benefit, the number of uninsured has increased.
Why is life insurance important even in this “age of Obama” as the pundits are calling it….
Insurance Policy Receipt 1924 photo by lainey
- The number of households in the survey, who wouldn’t be able to handle their finances if one of the breadwinners died, is at an all-time high.
Life Insurance: So what are the answers?
- Buy the maximum term life you can afford, considering your financial status. The amount you need depends on many variables, such as age of children, debt load, and monthly income required to support your family in your absence. Make a guesstimate, and go for it. Doing nothing is not the answer.
- If you can’t even afford that, figure out why. And begin to work on that. No job, get job training. Too much debt-begin to pay it off, as fast as possible.
- Find an independent insurance adviser, who doesn’t sell expensive whole life policies, and get advice-don’t buy anything that YOU don’t understand.
A previous post on life insurance recommendations by yours truly, can be found here.
For Consumer Reports advice on how to buy life insurance, check out this post!
Reader Questions about Life Insurance
Has life insurance been a priority for you and your family?
Have you got enough coverage to keep your family lifestyle supported if something were to happen to you?
Do you have an expensive Universal Life Policy, and wonder what to do?
Thanks to those who have linked to my articles in the past couple of weeks:
Emergiblog, has another edition of Change of Shift-a great collection of nurse blogs, and stories!
Bucksome Boomer-added me to her Editor’s picks-I am honored!
Joe at Personal Finance By The Book, has a great list of good reads!
High Interest Savings Acct. had another good group of tips on frugal living!
Funny About Money, included my divorce post.
The Carnival of Wealth is up at Personal Dividends, check it out!
Thanks to all!
Tags: buying life insurance, do you need life insurance, life insurance, why you need life insurance
