More families should be covered to avoid possible financial burden
San Francisco, CA -- (SBWIRE) -- 01/25/2013 -- For the last half-century, life insurance has become a staple of the American middle and upper-class. The use of life insurance was to be as a safeguard from unforeseen unfortunate future incidents, which would protect one's family from financial burden. Now, LifeInsuranceRates.com has created an infograph that sheds particular light on the state of insurance numbers, and where Americans stand today with an important financial buffer.
One of the most important points the infographic makes is that nearly 70% of homes are dual-income homes, which means financial hardship can arise from either individual not being able to support the family. Meanwhile, only 33% of wives have life insurance, while 30% earn more than their partners.
Overall, nearly 40% of adults have zero life insurance, while over half of all Americans believe they need more insurance to be confident in their financial standing.
The infographic from LifeInsuranceRates.com also points out the reasons for lacking insurance in the United States, such as 45% of potential customers believing that the insurance is too expensive. Nearly one-third of all consumers are sincerely concerned over their mortgage payments over any other cost, which cuts into available funds for life insurance. However, those homes that do not hold life insurance, and then suffered a loss of a wage-earning individual are in severe peril.
Of those who do not gain life insurance, over one-in-ten could not decide how much to buy, another 10% were concerned in making a poor decision, and just under 10% did not have enough information regarding the life insurance options that are available to them.
Still, despite the concerns of the individuals, the need for insurance is overwhelming, as eight-in-10 families will be burdened by financial hardship without adequate insurance, according to the infographic. And while over two-thirds of families understand the importance of life insurance, the lack of proper coverage for many continues on.
Life Insurance Rates provides customers with quality information on affordable life insurance options. Learn how easy it is to protect your family from financial hardship in the case of an unfortunate loss.
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