The survey found that consumers are willing to pay $99 a month on average to insure their family. For this amount, a healthy 35-year-old man can purchase a 20-year term life policy worth more than $2.3 million, and a healthy 35-year-old woman can purchase more than $2.6 million in life insurance, but only 29% of those surveyed believed they could afford enough life insurance to replace their income.
Each year, we receive thousands of scholarship applications, and since the program’s inception, we have awarded a total of $600,000 in scholarships. But for every student who receives a scholarship, we must turn thousands more away. In an effort to bring more attention to this powerful program we decided to create this PSA—to share Melina’s story.
Boomer’s circumstances are also all too real for many other households where a key family provider passed away and because of being under- or uninsured, left behind loved ones reeling from the emotional loss and the financial hardship. Statistics show that only 44% of households own individual life insurance, which combined with a reduction in the number of consumers with group insurance, leaves about one-third of people with no insurance at all. And one-third of those who do have life insurance don’t believe they have enough.
It’s stories like these—realLIFEstories—that help us all understand what insurance really does and why we need to take action now to get the insurance coverage we need to protect our loved ones financially. That’s why each year LIFE asks insurance agents and advisors to submit stories of their own to the LIFE Foundation’s realLIFEstories Client Service Recognition Program.
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!