Most people read the words “life insurance” and quickly turn the page.
Life insurance? That’s boring, complicated and often just icky. But every September, we ask you to spend just a moment or two thinking about life insurance. It may not save your life, but it can protect the lives of those who depend on you.
Here’s 4 short but important facts you should know about life insurance:
59% of unmarried mothers have no life insurance.
The Lesson: If you’re a mom (or dad) and have a child who depends on you financially, you should definitely own life insurance to protect them if something happens to you.
80% of consumers misjudge what term life insurance really costs (hint: it costs much less than you think).
The Lesson: Millennials overestimate the cost of life insurance coverage by more than 200%. The point is, term life insurance (which provides pure life insurance protection and is the most affordable kind) costs much, much less than you think.
53 million Americans earning between $50k and $250k have no life insurance.
The Lesson: Many people should have life insurance protection but don’t. And as mentioned above, it doesn’t cost very much. For some people, your annual insurance cost can be less than a monthly cable bill.
60% of millennials say paying for internet, cable and cellphones is a greater priority than buying life insurance.
The Lesson: If you’re single and no one depends on you, you may not need life insurance at all, but everyone’s situation is different. The major reasons most people own life insurance are to provide for burial or other final expenses, and allow loved ones to replace your income and help pay off the mortgage if you die prematurely.
Source: limra.com, lifehappens.org, pro.genworth.com