Life insurance at a 50-year low, but half of U.S. households concede they need more life insurance!

Buying life insurance is necessary for financial planning for the future.  But, policies are at a 50-year low in the U.S according to the Chicago Tribune. 

About a third of U.S. households have no life insurance, according to LIMRA, an insurance industry research group. A 30-year-old can buy $250,000 of 20-year term life insurance for $158 per year, or $3 a week.

Half of U.S. households concede they need more life insurance, the highest level ever found in a LIMRA survey, which is released every six years.

Nearly seven in 10 American households with children under 18, those that typically need life insurance most, said they would be in jeopardy if the primary breadwinner died.

Life insurance is a paycheck for your family if you pass away.  It is a contract that agrees to pay money to your beneficiaries.  Though you hope your family never has to use your life insurance policy, purchasing one is an investment in their future.   Encourage your spouse and loved ones to get a policy to protect you and others if you rely on them for monetary support. 

Do you need Pennsylvania life insurance?  If you have people that would miss your paycheck if something happened to you, you need life insurance.  Even if you do not, some people like to purchase one for funeral and burial costs and possibly to make a donation to a charity or leave an inheritance for loved ones.

You should need roughly 6-10 times your annual income. It all depends on what your future has in store – children’s weddings, college funds, paying off a mortgage or another type of debt.  PA life insurance policies are not taxable, and you can change the insured amount at any time. 

The younger you are, and the healthier you are – the less your life insurance in PA policy will typically cost.  Non-smokers also are favored due to the health risks associated with smokers.

If you already have a Pennsylvania life insurance policy, give us a call and we can look it over – you can always update it, even if you bought a 20-year policy.  Term policies can be canceled at any time, but always make sure you have a new policy in place first.

Planning for the future can be difficult. You should be able to spend more time enjoying life, not stressing over life insurance. PA insurance agency, Casper Insurance, and our agents are experts on Pennsylvania life insurance and can help you streamline the process of selecting a customized life insurance policy.