Buy Enough Life Insurance to Protect Your Family
If you have young children, you probably want to make sure that they are taken care of in case you or your spouse dies. Insurance can help put your children through college, provide for your spouse’s retirement and pay off your debts. However, a recent survey found that many families with young children don’t have life insurance. Eleven million U.S. households with children under the age of 18 have no individual life insurance policyholder in the family, according to LIMRA, a financial services consulting firm based in Windsor, Conn. When you compare life insurance quotes, make sure your insurance payments are enough to replace your income and allow your family to live comfortably.
Life insurance coverage
The Insurance Information Institute reported that LIMRA’s soon to be released report, 2010 Trends in Life Insurance Ownership, found that one in four U.S. households had a wage earner who was covered under a group life insurance policy, often offered through their employer. However, during the recent economic downturn many Americans who lost their jobs or had their hours reduced also lost their life insurance coverage. LIMRA’s report noted individual life insurance coverage in the U.S. has hit a 50-year low. If you want to make sure you get the best protection for your family, apply for life insurance quotes.
Many employers offer life insurance to their employees. However, the coverage is usually not enough to make sure your family can continue to live in the lifestyle that you have been able to give them. In addition, an employer-provided policy is not portable. So, if you take a new job or are laid off, you will lose your life insurance coverage. That’s why it’s important to buy your own life insurance policy as soon as you have dependents, and you are still young and healthy. When you plan to buy coverage for your family, make sure you obtain several life insurance quotes to get the best rates.
Women need to make sure they have adequate life insurance to protect their families, regardless of whether they are working mothers or stay-at-home moms. Unfortunately, most women are less likely to have life insurance than their husbands. If a mother doesn’t have enough life insurance coverage when she dies, her family could face financial hardship. Almost two-thirds of American families depend on two incomes to make ends meet. Even if a woman stays home, she’s making a substantial contribution to their household: cooking, cleaning, caring for children, shopping as well as assuming many other valuable responsibilities. Some studies estimate a stay-at-home mom can provide her family with services worth more than $120,000 a year. Make sure you and your spouse apply for life insurance quotes.
When you are ready to buy an insurance policy, you can call agents in your local area, contact insurance companies directly or use InsuranceQuotes.com to instantly get competitive life insurance quotes from the nation’s leading insurance providers. Simply fill out a short online form on InsuranceQuotes.com to find the right insurance coverage at the best possible price in minutes. Take the time to protect you and your family today.