As many as thirty five million middle income Americans and others do not carry enough life insurance. In 2011 life insurance ownership was at an all time low according to some reports. In 2010 fifty eight million households said they needed more life insurance coverage. The difference between necessary life insurance coverage and actual coverage purchased is referred to as the “protection gap”. The total life insurance gap in America is approximately twenty trillion dollars.
Many people do not increase their life insurance coverage because they feel it is not a top financial priority or do not know how to fit life insurance into their budgets, especially during difficult economic times.
Others do not know how much coverage they need or what type of coverage to buy so they put off the decision completely for fear of making the wrong decision.
What are the primary reasons people buy life insurance? The top three reasons are to pay burial and final expenses, to replaced income of the main family provider and to pay off the mortgage.
Speak to your financial advisor to find out if you have enough coverage. You can also contact us at Katz Life Group to evaluate your current financial situation and make recommendations as to how much life insurance coverage you need.
According to Ronnie Katz, CPA, President of Katz Life Group, “Life insurance is more affordable than ever and we can show you how to fit your life insurance needs into your budget, not matter how old you are or how much life insurance you require. For those requiring large face policies, we can provide affordable life insurance premium financing. It is worth a phone call or a free appointment to make sure you have the right amount of life coverage to protect your family.”
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