Oh My God, When Life Insurance Thoughts Goes Haywire!

Shocking 55% of Americans Don’t Have Life Insurance

The Life Insurance Marketing and Research Association (LIMRA) said that over 55% of people in the United States do not have Life Insurance because it is too expensive!

A.        Why are so many people confused?

·    The average new car insurance cost in 2023 according to research experts was $1,783.00 a year. This is what happens when bad life insurance thoughts go haywire.

·    The average Life Insurance policy or coverage in the United States is only $375.00 a year, based on a 30-year-old health individual.

·    The cost for non-life insurances and property insurances in the United States far exceeds the cost to protect your family and wealth.

·     The data shows that 82% of Americans overestimate the cost of a life insurance policy by incorrectly guessing instead of correctly researching.

B.     Americans with Life Insurance feels more financially secure than those without insurance.

·    LIMRA research found that 78% of people with life insurance reported feeling financially secure.

·   Americans are completely unaware of life insurance costs and the values of protecting wealth and family. Only 3% of Americans are aware of life insurance policy costs or could correctly guess how much is needed.

·   Life insurance policies cover deaths from illnesses (including Covid) and a death that occurs when you’re in another country. However, only 51% of survey respondents believed illness-related deaths would be covered, and only 27% believed a death outside the U.S. would be covered.

C.      What you need to know now!

·    You can make any person or even a charity the beneficiary of your life insurance policy, but the majority of respondents were unsure about who can be a beneficiary: Only 32% thought it could be a friend, and only 18% knew a beneficiary could be a charity.

·  While many factors impact life insurance quotes, two factors that are not taken into consideration are income and the number of children you have. But over 40% of Americans erroneously believe these factors would affect a life insurance quote.

·   Only 6% of respondents correctly identified that a life insurance rider is an add-on that provides extra coverage or features. Over a third of respondents (38%) thought a life insurance rider was a list of family members who should not get any funds from the life insurance payout.

Conclusion

            Life Insurance research proves that most people are unaware of the costs and values from having a life insurance policy. Study shows that most people will spend up to $100,000 during their lifetime on car insurance and homeowners’ insurance policies. The cost of life insurance is drastically lower and cheaper than purchasing car insurance and other types of insurances. A simple life insurance policy that provides minimum coverage is absolutely worth its weight in gold. Life Insurances and insurance products are designed to build wealth, protect your family, protect your hard-earned savings, and they are used to build-up estates and provide retirement protection. If you have any questions about Life Insurance or other insurance products, please give us a call at Act Now Insurances or schedule a private free consultation with us today. Don’t let misguided information stop you from protecting what matters the most!

Billy Earley, PA, MA, AA, BS

Financial Marketing Team

Insurance Producer

CA License #4369242

www.ActNowInsurances.com