Life Insurance Coverage
One of the most common questions we get about life insurance is, “How much life insurance coverage do I need?” Most people ask this question because they don’t want to buy more than they need. In reality, I haven’t run into someone yet that has enough, or more coverage than they actually need. In fact, the majority of people are carrying a very low amount of life insurance coverage on themselves.
A recent study from New York Life found that most Americans say that they would need enough life insurance coverage to provide for 14 years of expenses after the loss of a breadwinner. However, the reality is a bit alarming, most of those surveyed only carried roughly three years of protection. What does this tell us? Most Americans are risking their financial health by not carrying adequate life insurance protection.
“My question is: what happens in the fourth year? If you pass away, your paycheck goes away and your family is still in need of income,” said Chris Blunt, co-president of the Insurance and Agency Group, New York Life. “It’s no surprise that Americans are underinsured. What did surprise us was the magnitude of the gap and the fact that it has grown so dramatically since 2008, putting families at even greater financial risk.”
Use this calculator to check out how long your life insurance proceeds will last:
What would you or your family do if you were to lose the income of the household breadwinner? If you don’t have enough life insurance coverage, you could be left without a significant chunk of monthly income.
So how much life insurance coverage do you really need? To answer that question, I would advise you to check out our calculator here and find out for yourself. Everyone’s situation is different, so this calculator will give you a better idea of the life insurance coverage you and your family will need.
Many Americans grossly overestimate the cost of life insurance. In fact, according to the 2014 Insurance Barometer Study, 80% of participants overestimate the true cost of life insurance protection. If you’re currently uninsured or underinsured for fear of the cost of coverage, now is the time request life insurance quotes. If you’re like most American’s, you will be surprised to learn how inexpensive coverage can be. Don’t put your family’s financial health at risk any longer!
Give us a call today to get quotes for you and your family, and don’t live another day with a lack of life insurance coverage. Nothing can compare to the knowledge of a licensed and trained life insurance agent working on your behave. Contact us today!