The Numbers Behind Being Properly Protected
Most of us know life insurance can help protect the people we love. But these numbers show just how many Americans may not have the protection they think they do.
40%
of American adults say they need life insurance or need more coverage — representing approximately 100 million people.
47%
say their household would have difficulty paying living expenses within six months if their primary wage earner died.
40%
say their loved ones would be barely or not at all financially secure if the primary wage earner died unexpectedly.
About 3 in 4 Americans
overestimate the cost of life insurance. For healthy adults age 35 and younger, estimates can be 7–12 times higher than the actual cost.
And here’s something many people may not realize:
Life insurance death benefits received by a beneficiary are generally not included in federal gross income, although exceptions can apply and interest received is taxable.
So, the question isn't simply, “Do I have life insurance?”
It may be more important to ask:
Do I have the right amount of coverage for the people and things that matter most to me today?
Life changes. Income changes. Families grow. Mortgages, retirement plans and financial responsibilities change too. Your life insurance should be reviewed along the way.
As Life Insurance Awareness Month comes to a close, this is a great time to take a look at what you currently have and determine whether it still aligns with your needs and goals.
