1 in 5 families with children under age 18 does not have life insurance, according to a 2018 LIMRA study. The study also indicated that 48% of U.S. households are underinsured by an average of $200,000.
The most common reason those surveyed gave for not buying life insurance? They incorrectly believed it was too expensive. Most estimated the cost of a $250,000 policy for a healthy 30-yr old at three times its actual cost – an average of just $160/year. That’s less than $15 per month.
Most people put off buying life insurance for two reasons:
- The thought of losing a loved one is uncomfortable to discuss.
- It seems too complicated.
Remember, life insurance is not for the person who is gone – it’s protection for those left behind. And life insurance doesn’t have to be complicated. Consulting with a professional can help you make the right decisions.