William Penn Life, 2014 (49. évfolyam, 1-12. szám)
2014-03-01 / 3. szám
Moneywise with Jeff DeSantes rJStatistics about life insurance Even if you have coverage, you probably don’t have enough MOST AMERICANS do not have enough life insurance, and many Americans have no life insurance coverage at all. According to research done by LIMRA (the Life Insurance and Market Research Association), the most common reason given as to why individuals do not have life insurance is because of competing financial priorities. Because of this, individuals feel that they cannot afford to purchase life insurance. Life insurance ownership has been declining severely over the past couple of decades, and those who have purchased life insurance usually do not own enough. Over 50 million people lack adequate life insurance. Studies have shown that less than 25 percent of widows and widowers whose spouse died prematurely (between the ages of 30 and 55) felt their spouse had adequate life insurance. There have been many campaigns to encourage Americans to examine their life insurance needs in order to make sure they have adequate coverage. I want to share some shocking statistics and some of the misconceptions that might cause individuals not to purchase enough life insurance or life insurance at all. • 85 percent of consumers agree that most people need life insurance, yet only 62 percent say they have life coverage. • 44 percent of U. S. households had no individual life insurance as of 2010, a 50 year low. In 1962, over 70 percent of Americans owned individual life insurance. In 1992, 55 percent owned life insurance. • 40 percent of Americans who have life insurance coverage do not think they have enough coverage. • 70 percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary bread winner were to die. Four in 10 households with children under 18 say they would immediately have trouble meeting everyday living expenses. • There is an estimated $15.3 trillion unmet life insurance need in the U.S. • 83 percent of consumers say they do not purchase more life insurance because it is too expensive. •70 percent of Americans failed a recent 10 question basic life insurance IQ test. Based on these findings, even if you have coverage, your loved ones could benefit from having more coverage. You have to ask yourself, if your income suddenly stopped in the event of an unexpected death, how would your family handle expenses for essentials, such as mortgage, car loans, food, clothing, healthcare, and retirement savings? The financial strain of losing an income should not have to add to the stress your family would face in losing the main bread winner. Having enough life insurance can help ensure the people you care about will be provided for financially. □ If you do not have a WPA agent, please call the Home Office at I -800-848-7366, ext. 120, and we can assist you in finding an agent who will serve you and your family by offering: • A Review of Your Needs • Life Insurance Protection • Tax-Deferred Annuities • • juvenile Insurance Plans • Special Fraternal Benefits • 4 0 March 2014 0 William Penn Life Photo © Can Stock Photo Inc./jirsak
