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Millions of adults need life insurance coverage

Posted On Tue, September 29, 2009

A group that provides consumers with insurance information is highlighting the importance of securing life insurance because of the financial stability it can provide for families.

According to the Insurance Information Institute, 68 million Americans currently lack life insurance and that those who do purchase coverage should shop around before committing to a specific company.

For example, the organization reminds consumers to assess the quality of a given insurance company, especially when it comes to its long term financial stability. People can also try to save money by considering any group insurance options that may be available to them, such as through an employer.

Also, the institute cites the importance of buying life insurance while healthy, although people do not always have control over this situation. Those with pre-existing conditions and other health issues can often find themselves paying far more for coverage.

Overall, industry professionals generally recommend securing enough life insurance to cover up to seven years of one's income in order to ensure that families can enjoy financial stability or that other needs, such as final expenses, can be met.

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