- Why is forgoing individual life insurance a risky move?
- August 30, 2010
As more families continue to struggle to pay bills, the number of those choosing to forgo individual life insurance has increased. The Trends in Life Insurance Ownership study by LIMRA reveals that less than half of American households have life insurance.
When paying bills is difficult, it may seem like paying for life insurance isn’t a necessity. However, those who are just getting by may be the ones that need life insurance the most. If something were to happen to the breadwinner in a family, many would have trouble meeting everyday living expenses.
“Clearly, more American families are living on the edge – surviving paycheck to paycheck – and, as our new study suggests, too many without the safety net that life insurance provides,” said LIMRA president and CEO Robert Kerzner. “A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.”
Purchasing life insurance doesn’t have to be expensive. People can begin researching prices by going online to review life insurance quotes. A number of factors determine premiums, including age and health status.
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