As more families continue to struggle to pay bills, the number of those choosing to forgo individual life insurance has increased. The Trends in Life Insurance Ownership study by LIMRA reveals that less than half of American households have life insurance.
When paying bills is difficult, it may seem like paying for life insurance isn’t a necessity. However, those who are just getting by may be the ones that need life insurance the most. If something were to happen to the breadwinner in a family, many would not be able to make ends meet.
Purchasing car insurance can be tricky, especially when it comes to understanding what a policy covers and the amount of coverage needed to best fit your needs. If you neglect to buy it, your finances could be jeopardized – especially if you’re involved in a costly car accident. Plus, in most states, it is illegal to drive without it.
A survey by the LIFE Foundation shows that 93 percent of Americans think it’s important for most people to have life insurance, and yet nearly half of those surveyed said they don’t have enough coverage.