80% of consumers who believe they need life insurance haven’t bought it because they think it is too expensive. (Life Happens, April 2015)
80 percent of consumers misjudge the price for term life insurance, with Millennials overestimating the cost by 213%, and Gen Xers overestimating the cost by 119%. (Life Happens 2015)
In 2016, there was a significant decline in life insurance coverage adequacy for U.S. households. In 2010, those insured had coverage to replace their income for 3.5 years. Today that has dropped to 3 years, which is far lower than most industry recommendations. (Limra Facts 2016)
The average insured adult has 3.6 times his or her annual income for life insurance coverage, or $166,600. Salary: $46,333, Life Insurance: $166,800. (How much life insurance do you need? By Barbara Marquand Posted : September 12, 2017. Insurance.com 2017)
But is it enough to provide for all of your family needs?
As a general rule of thumb, it is recommended that you have 8-10 times your salary in life insurance. However, this may be too much, or not enough. Everyone’s personal needs are different. We can help you determine how much is right for you. Talk to us today.
Western & Southern Financial Group ©2017 Western & Southern Financial Group, Inc. All rights reserved.
Annual Renewable Convertible Term Policy Series 0701-306 WSA issued by Western-Southern Life Assurance Company. Renewable and Convertible Term Policy Series 0701-307 WSA and 0701-307-U WSA issued by Western-Southern Life Assurance Company. Western-Southern Life Assurance Company, Cincinnati, Ohio, operates in DC and all states except AK, ME, NH, NY and RI. VID117 1711
