How Important Is Life Insurance

Protecting what matters most was the focus of a recent survey conducted in December 2018 by financial services firm Edward Jones and nonprofit consumer education organization Life Happens. Unsurprisingly, 81 percent of Americans believe their family is their most valuable asset, but less than half (41 percent) protect their family with an individual life insurance policy. One-third of the over 2,000 Americans polled (32%) said life insurance is a low or no priority item when starting a family ( However, the question remains: is life insurance worthwhile?

Many employees mistakenly believe that the life insurance benefit provided by their employer is adequate; however, these plans typically limit coverage to no more than two times one’s annual income, whereas financial planners recommend no less than ten times one’s income in total life insurance coverage.

“Having emergency savings is critical in a pinch, but it’s not a long-term financial solution, especially if a family’s primary breadwinner were to die,” says Faisa Stafford, president of Life Happens. “That’s where life insurance comes in. And the good news is, it’s an affordable option for most.” (quote courtesy of press release February 5, 2019.

Term life insurance is short-term coverage in which the premium is fixed for the duration of the policy and the death benefit is paid to your beneficiary if you die during the term (coverage amount). Term life insurance is inexpensive because there is no cash payout unless the insured dies.

The affordability of term life insurance in today’s market makes it very simple to obtain the peace of mind that term life insurance provides. You can now view free quotes on an easy-to-navigate website at You will receive a comparable pricing report in which you can compare multiple offers from the top-rated life insurance carriers in the country, ranging from 10-, 15-, 20-, 30-, and 35-year terms to universal and whole life policies that will cover you for the rest of your life. You can select and view as many coverage levels as you want.

Whole life and universal life insurance are plans designed to cover you for the rest of your life, guaranteed to age 100 or longer, with no premium increases and a guaranteed coverage amount. Whole life policies accumulate cash value, which you can withdraw tax-free; however, the amount you withdraw reduces the face amount of the policy (coverage amount). Although universal life policies can be set up to accumulate cash value, the majority of them are simply used as a lifetime “term” plan to lock in premium prices. As reported by “The trend in today’s market is the universal plans that do not build cash value, but rather just carry a fixed premium for the life of the insured.”

Marriage, the birth of a child, a new mortgage, and divorce, to name a few life events, will change your life insurance needs. However, protecting what is most important remains the goal. Insure your life and the lives of your loved ones.

Life Happens and Edward Jones “Protecting What Matters Most Study,” completed December 17-23, 2018, conducted by Engine’s Online CARAVAN® Omnibus among a national sample of 2,008 adults comprising 1,004 men and 1,004 women 18 years of age and older. Retrieved from, Inc., Copyright ©1984-2019 Life Quotes, Inc., 8205 South Cass Avenue, Suite 102, Darien, Illinois. Life Quotes, Inc. and certain of its personnel are licensed as insurance agents, brokers or producers in all states.. Retrived from

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