A recent study from New York Life found that most Americans say that they would need enough life insurance coverage to provide for 14 years of expenses after the loss of a breadwinner. However, the reality is a bit alarming, most of those surveyed only carried roughly three years of protection. What does this tell us? Most Americans are risking their financial health by not carrying adequate life insurance protection.
How Much Coverage Do You Need?
According to the same study, the average American prior to the 2008 recession, had a $289,378 gap in their estimated life insurance needs and their actual coverage. Fast forward to 2014 and that number has risen to $320,000; an 11% hike. As more and more Americans fall behind in life insurance protection, a growing number of families face huge financial risk. Not sure how much life insurance you need? Check out the IntelliQuote life insurance calculator or call us direct at 1-800-963-6405 and a life insurance advisor will help you determine if you have adequate life insurance protection.
The True Cost of Life Insurance Coverage
Many Americans grossly overestimate the cost of life insurance. In fact, according to the 2014 Insurance Barometer Study, 80% of participants overestimate the true cost of life insurance protection. If you’re currently uninsured or underinsured for fear of the cost of coverage, now is the time request life insurance quotes. If you’re like most American’s, you will be surprised to learn how inexpensive coverage can be. Don’t put your family’s financial health at risk any longer!
At IntelliQuote, we are proud to maintain one of the most sophisticated term life insurance quote engines in the market today. In a matter of minutes, we can provide a side-by-side, no-obligation comparison of life insurance quotes. Do you have questions? We have you covered! Your personal advisor will walk you through your quote comparison and address all of your questions. Let’s get started today!
Would you like to receive more tips and insight on everything from comparing life insurance quotes to analyzing your coverage needs? Follow our blog! Here we address these and other topics that that impact your family’s financial wellbeing. While there, be sure and read these recent related posts: