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More families are risking security by not having individual life insurancePosted On Mon, August 30, 2010
An individual life insurance policy can provide a family with a multitude of benefits. The financial security afforded by a life insurance policy can allow a family to maintain their life style if the breadwinner. Most importantly, a family won't have to immediately worry about finances and can focus on grieving when a love one passes away.
Unfortunately, the Trends in Life Insurance Ownership study by LIMRA reveals that an increasing number of families with children do not have a life insurance policy. According to the survey, 30 percent of American families don't have any life insurance.
"The numbers tell a grim story. Today, there are 11 million fewer American households covered by life insurance compared with six years ago" says LIMRA president and CEO Robert Kerzner. "A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones."
The survey also found that nearly eight in 10 American households didn't have a personal life insurance broker. Families can begin researching brokers and can even get an individual life insurance quote online. However a person decides to begin researching their life insurance options, it's an important step that shouldn't be delayed.
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