People in good health or who are still young may not consider the possibility of accidents and how they necessitate life insurance. Some people may even postpone purchasing a policy. Life is full of unforeseeable events, and life insurance can help financially protect your family.
Life insurance is an important financial tool that can protect one’s family’s financial future in the event of sudden death, particularly for families with younger children and/or older dependents.
According to the Centers for Disease Control and Prevention, there are more than 120,000 accidental deaths in the United States each year. They also discovered that 29.3 million people visit the hospital each year as a result of an unintentional/accidental injury.
According to the National Safety Council, accidental deaths kill enough people to be the leading cause of death for people aged one to 42. Accidents are the fifth-leading cause of death in all age groups, trailing only a slew of illnesses such as heart disease and cancer.
According to their findings, the vast majority of accidental deaths occur not at work but at home or in the community. In fact, the top five causes are usually related to routine activities.
Top 5 Causes:
- Motor Vehicle Collisions — 42,000
- Poisoning: 39,000
- Falls — 25,000
- Fires — 2,700
- 2,500 for choking
Given these statistics, purchasing life insurance is a wise decision, even for people in good health and who are relatively young. Accidents can happen at any time, and those who are prepared may be able to save their families from significant financial hardship in the coming years.
According to life insurance experts, people should carry coverage equal to five to seven times their annual salary, depending on the current market.