As a Survey; More Than Half of U.S. Households Lack Life Insurance
Life insurance ownership statistics 2020: According to a survey of LIMRA, U.S household has the lowest level of life insurance coverage in past 50 years. Only 44% household has their own life insurance policy that gives cash benefit after policy holder’s death. Many people hold off life insurance buying as they delay creating a will. This is because either they are too busy or they don’t want to face the issue of dying.
LIMRA is engaged with various services like Research, Consulting, Assessment, Development, and Compliance and Regulatory Services to create a new market, new product, increase distribution services, assess, train and manage productive sales forces and distribution networks. It has more than 850 service companies in more than 70 countries which are its members.
Many consumers think that life insurance is solely intended for the main breadwinners in a family but it is not true at all. For example, household mothers or fathers should have life insurance in order to replace the value of about $60,000 in annual services they bring to the family.
According to the financial planner of Edelman Financial Services in Fairfax, about 17 various duties are carried out by mother, from child-rearing to managing household finances, and to resolving family emotional problems and these occupational services make more value of $508,700 in wages.
For household stayed parent, term life insurance is the most affordable in comparison of permanent life insurance because the premiums are fixed in term life insurance. Most single people, who do not have children, do not prefer life insurance. But in practice, there is also available a basic life insurance policy that only covers their funeral costs so that their family members wouldn’t bear the funeral cost. The average funeral cost without cemetery expense for an adult funeral is $7,775 and including cemetery, it brings cost at $9000.
To know how much life insurance is provided and other details, contact an insurance agent from nearest center. Online preliminary work is also available and by which calculations for needed life insurance or appropriate life insurance can be done for the particular situation.
Moreover, final expense insurance policy is also available for older people. With the help of this policy, even if you are healthy or have had serious medical problems, you will get the insurance because this policy does not contain usual medical exams to secure the insurance. A policyholder also does not require undergoing underwriting agreement.
More Related Queries:
- Life insurance ownership statistics 2020
- Limra’s trends in life insurance ownership study
- term policy