- How does life insurance offer financial stability for families?
- June 4, 2013
Insurance experts typically advise people to protect their families with coverage equal to between five and seven years of their annual income – and potentially more if there are young children or older dependents that will need care.
Another factor to consider when evaluating life insurance coverage is whether the children’s future education expenses will be met with one’s current policy.
Consumers can frequently save money by investing in a policy while they are still young and healthy. In fact, a look at government mortality statistics helps illustrate how useful it can be to provide for your family’s long-term financial security.
According to the Centers for Disease Control and Prevention, the nationwide death rate is 810.4 deaths per 100,000 people, with an average life expectancy of 77.7 years. The leading causes of death for all adults in 2006, the most recent year for which statistics are available, are as follows:
– Heart disease – 631,636 fatalities
– Cancer – 559,888 fatalities
– Stroke – 137,119 fatalities
-Chronic lower respiratory illnesses – 124,583 fatalities
-Diabetes – 72,449 fatalities
Since many of these conditions can strike even young and healthy people, it makes sense to consider investing in life insurance.
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