are you inadvertently put your family in danger?
Millions of Americans lack adequate insurance, or even a lifetime. Are you one of them?
A recent study found that life insurance ownership has recently hit a low and that 35 million households have no life insurance at all 50 years. This means that the death of one earner could also be financially catastrophic as it is sad.
Behind this trend is a misconception about how much life insurance actually costs. On average, people think it is three times more expensive than it really is. (In reality, life insurance has never been so affordable.)
While everyone may lack sufficient life insurance, seven groups are particularly likely to be sub or uninsured. Here's who they are and why they skimp on life insurance themselves and their families need. (To get an idea of what you need, be sure to take our quick and easy Life Insurance Quiz!)
1. Single parents
The single parents often go uninsured because they think that buying a life insurance requires a large output time and money, two things they have in short supply.
"Single parents tend to be extremely busy, as they are alone, balancing work and family," said Greg Wieser, strategic marketing manager at Erie Insurance. "And without that second income, money often tense "This creates a classic case of penny wise, pound foolish;. while they are saving money in the short run, they run the risk that their children have no means of support if they had gone .
2. parents who both work
When both parents work, the parents earn less often discounts his contribution to the family. This is especially true when one of the parents works part time in order to keep the front of the house. "There's a lot less gain spouse that no dollar value associated with them, such as cooking or custody children, "said Wieser. "If something happened to that person, the surviving spouse is often hire extra help or take extra work to compensate for loss of income."
3. Stay at home moms (or dads)
Research shows that a parent stays at home contributes $ 112.962 per year in the form of custody children, cleaning, home maintenance, transportation, food and more online family background. These are the costs that the life insurance policy, not a surviving parent-should cover if one partner stay at home dies prematurely.
4. The owners
"If a person dies and no life insurance to pay the mortgage, the surviving family members can be forced to move, "says Wieser. It is quite difficult to lose a loved one, you definitely do not want your family to also lose their home, their school district and their neighborhood because there is no policy 'life insurance in place.
5. Business owners
"new business owners often give up life insurance because they think they have not enough money, "said Wieser. Or a company may have had enough insurance, but has since grown." a more established company usually requires higher limits to be adequately secured and have a plan in place to ensure the succession of the business, "said Wieser. Life insurance and a purchase and sale agreement will continue the show if a partner dies.
6. People with a history of minor health problems
Many people confuse life insurance with health insurance. "They think they will not qualify if they have high blood pressure or high cholesterol," said Wieser. "If your health problems do not affect your mortality, you can still get life insurance at a reasonable price. "
7. persons whose employer offers group life
This group often has a false sense of security. While they have coverage, it is often not enough. "A typical advantage of the group's life is twice your annual salary, but you will be more like six to eight times your salary just to break even," said Wieser. In addition, employers can (and do) to end the group life insurance benefits. (This is particularly common during a sluggish economy.) Another disadvantage is that you lose this coverage when you leave your employer.
Even if you do not fall into one of these groups, you and your family might still miss the life insurance you need. To find out what your needs may be, take our Fast and Easy Life Insurance Quiz. (And remember that your local ERIE Insurance Agent is always there to answer all your insurance matters!)
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