A Crisis of Underinsurance
According to LIMRA Statistics from 2012, both men and women are less likely to own life insurance today than they were in 2004, and the likelihood of being without life insurance has dramatically increased for every age group since that time.
• Only 61% of men and 57% of women have some sort of life insurance coverage—half as many in 2004.
• The likelihood of husbands having any life insurance has declined across every income level—low, middle and affluent, since 2004.
• Women of all ages average smaller amounts of individual life coverage than men of similar ages.
• On average, women have $129,800 of individual life insurance, while men have $187,100 of individual life insurance coverage.
According to LIMRA Statistics from 2012, both men and women are less likely to own life insurance today than they were in 2004, and the likelihood of being without life insurance has dramatically increased for every age group since that time.• Only 61% of men and 57% of women have some sort of life insurance coverage—half as many in 2004.
• The likelihood of husbands having any life insurance has declined across every income level—low, middle and affluent, since 2004.
• Women of all ages average smaller amounts of individual life coverage than men of similar ages.
• On average, women have $129,800 of individual life insurance, while men have $187,100 of individual life insurance coverage.
September is Life Insurance Awareness Month (LIAM), and it is time to take personal financial responsibility to determine if life insurance should be part of your planning and how much is appropriate. Whether you choose to research online or pick up the phone to call your agent or advisor, now is the time to take action. Do it today!
Who Needs Life Insurance? Click here to learn more!
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