U.S. Life Insurance Facts
- According to LIMRA, which conducted a Life Insurance Ownership Study in 2010, almost 1 out of every 3 U.S. households (35 million) do not have any life insurance at all.
- The LIMRA study showed that 58 million households, or almost 50%, admitted that they did not have enough life insurance coverage.
- The study also revealed that on average almost 6,850 Americans die in the U.S. each day and 48% of these people die without any life insurance coverage to protect their families.
Some of the main reasons to buy term life insurance include the following things, all of which can prevent financial burden for your family upon your passing:
- Replacement income for your family if you are the primary income provider
- Funds to pay off your mortgage
- Money for your children’s college tuition
- Funds to pay off debts such as credit cards and loans
- Expense coverage for your end of life costs and funeral
- A financial legacy for your loved ones