September is Life Insurance Awareness Month and according to LIMRA (Life Insurance Marketing and Research Association) here are 7 facts about life insurance:
- Three in five American consumers own some type of life insurance. LIMRA estimates that 18 percent of the U.S. population does not participate in the life insurance market.
- The top three reason for owning life insurance are to cover burial and final expenses, help replace lost wages of a wage earner, transfer wealth or leave an inheritance.
- The average U.S. household with life insurance owns enough to replace three years of income. LIMRA estimates that families need at least 5.25 years of income replacement.
- Among married/partnered U.S. consumers, one third wish that their spouse or partner would purchase more life insurance.
- Among American consumers with life insurance, about 1 in 5 feel that they do not have enough coverage.
- Four in ten U.S. consumers say the don't know how much or what type of life insurance to buy. Nearly one quarter of them think they would not qualify for coverage.
- Over one third of American consumers would feel the financial adversity from the loss of their primary wage earner in just one month.
If you are interested in purchasing Life Insurance, please contact one of our specialists today!