Is Life Insurance Worth It? What type do you need? -

Is Life Insurance Worth It?

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 ( But the question remains, is life insurance worth it?

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 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.

Is Life Insurance Worth It? scale

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 look.

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 away.

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 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, “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, 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