- Is Life Insurance Worth It?
- July 4, 2019
By Debbie Klimas, Lifequotes.com
Protecting what matters most was the focus of a recent survey done by financial services firm Edward Jones and nonprofit consumer-education organization Life Happens in December 2018. Not surprisingly, the survey found that 81 percent of Americans believe their family is their most valuable asset, but less than half (41 percent) are protecting their family with an individual life insurance policy. One third of the over 2,000 Americans surveyed (32 percent) indicated that life insurance is either a low priority or no priority item when starting a family (www.lifehappens.org/press-releases).
Many workers mistakenly believe that the life insurance
benefit they receive from their employer is enough, but those plans tend to
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 LifeHappens.org press release February 5, 2019.
Affordable, indeed. The chart below shows the best possible 10-year term life insurance rates taken from a survey of 50 leading life insurers in early July 2019, each quote assumes average health with no ratable medical issues.
Term life insurance may not be at the forefront of your mind
in everyday life. However, what would it mean to know you can safeguard your
dependent loved ones from suddenly losing the financial safety net that you
have always afforded them? This is what life insurance does. This is why life insurance deserves a serious
Term life insurance is an affordable way to ensure your
family has enough money to cushion the financial loss of their breadwinner for
years to come. Most financial advisors recommend a breadwinner carry 10 times
their annual salary in term life insurance. This will allow those dependent 10
years to offset the loss of their breadwinner.
Depending on your salary and age, you may choose to opt for more or less
coverage or longer term lengths, such as 15, 20 or 30 years.
Term life insurance is temporary coverage where the premium
is fixed for the term length of the policy and if you die during the term your
beneficiary receives the death benefit (coverage amount). Term life insurance
is very affordable because there is no cash payout unless the insured passes
The affordability of term life insurance in this current market really makes it easy to obtain the peace of mind term life insurance gives. At LifeQuotes.com you can view quotes now which are free on an easy to navigate site. You will receive a comparable pricing report where you can view multiple offers from the top-rated life insurance carriers nationwide, ranging from 10, 15, 20, 30 or 35-year terms to universal and whole life policies, designed to cover you for the rest of your life. You can choose and view as many coverage amounts as you wish.
Whole life and
Universal life insurance are plans designed to cover you the rest of your life,
guaranteed to age 100 or longer, and your premium never increases and the
coverage amount remains guaranteed. Whole life policies will build cash value
which you can withdraw from tax free, however what you withdraw decreases the
face amount of the policy (coverage amount). Universal life policies
can be set up to build cash value but most are simply used as a lifetime
“term” plan to lock in premium prices. As noted on LifeQuotes.com, “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.”
Your life insurance needs will change as your life changes with marriage, the birth of a child, a new mortgage, divorce, to name a few. However, protecting what matters most is still the name of the game. Insure your life and ensure your loved ones are protected.
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 https://lifehappens.org/press-releases/survey-by-edward-jones-and-life-happens-reveals-most-americans-financial-goals-have-little-or-no-protection-from-the-unexpected/
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- Category: Frequently Asked Questions, Life Insurance