Life insurance is an important responsibility as an adult—but it’s not fun to talk about. Preparing for the end of your life or the end of a loved one’s life is a challenging task. That’s why it’s so important to have professionals in your corner that you can trust, to help you navigate some of those challenging conversations and tasks.
As you prepare to engage with a life insurance professional to talk about life insurance for yourself or your loved one, here are a few life insurance facts that no one talks about, but are incredibly important to know.
Fact 1: When the primary earner passes, the family starts feeling the financial strain within 30 days.
Thirty-five percent of Americans begin to feel the financial burden of a loved one passing within 30 days of their death. As if the grieving process wasn’t heavy enough, those families also have to go through the arduous process of figuring out how to make ends meet. With life insurance, that timeline gets extended exponentially, leaving family the time and space to heal and plan accordingly.
Fact 2: No one thinks they have enough coverage
One in five Americans don’t believe they have enough life insurance coverage. A good rule of thumb is to have six to 10 times your annual salary in life insurance coverage, but that number should increase if you have dependents or other circumstances.
Fact 3: Many employers aren’t offering life insurance as a benefits option
Twenty-three percent fewer employers are offering life insurance as compared to 2017. Despite that staggering statistic, even if your employer does offer life insurance, the coverage may not be enough (see above). Talk with a life insurance professional to ensure you’re getting the coverage you and your family need.
Fact 4: People don’t know how to get life insurance.
Roughly 40% of Americans don’t know the appropriate channels to go through to obtain life insurance, and when they do, they don’t know how much they need. That percentage increases quite a bit—to 60%—with younger generations. At USA Life, we take the guesswork out of life insurance and allow you to obtain quotes and coverage directly online.
Fact 5: Many significant others don’t know how much life insurance their partner has
Sixteen percent of spouses and partners have no idea how much life insurance coverage their significant other has. The death of a partner can be financially (and emotionally) devastating, so if nothing else, it’s important that you both have peace of mind that things will be monetarily taken care of in the event of one of your deaths. It’s also important that your partner understand your life insurance coverage, because it will help both of you make important planning decisions for your futures.
Fact 6: Many Americans have never talked with a life insurance professional
Roughly 25% of Americans have never talked with a life insurance professional about their life insurance coverage. Among younger generations, that number is even higher—43%! Whether it’s uncertainty, lack of time, or misunderstanding the insurance process, people are choosing the DIY approach to life insurance. While there’s no harm in that approach, it can leave a lot of holes in your coverage if you’re not diligent. That’s why it’s so important to talk with a professional. Not only that, but they can likely help you save money on your coverage!
Talk with USA Life About Life Insurance
We’re here to help. Don’t be one of the quarter of Americans who are afraid to talk with a professional about your life insurance options. Our process is simple and seamless, and operates on your schedule. Get started with a quote from us today.