While life insurance is often one of the more affordable types of insurance, as many as 60% of people cite cost as a barrier to getting a life insurance policy. With so many people living paycheck to paycheck, life insurance seems an extravagant splurge for many.
The need gap between men and women also reflects the wage gap between sexes, with 44% of women recognizing that they need additional life insurance coverage, but only 46% of women having life insurance compared to 53% of men.
When comparing statistics between 92 countries, the U.S. ranks 18th for life insurance volume using data from 1996-2020.
While over 50% of people overestimate the cost of life insurance by more than triple the actual cost, finding affordable life insurance is still a struggle for many people, not only the United States, but across the globe.
Term life insurance offers the most affordable premiums, but doesn’t build cash value. It offers a lump-sum payment for your beneficiaries if you die within the period limit of your policy.
Term life insurance is a good option for those who only need temporary coverage, such as for the length of time of their mortgage to cover the remaining balance if necessary. Decreasing term insurance would be a good fit in this situation.
GET QUOTESTerm life insurance is a good option for those who only need temporary coverage, such as for the length of time of their mortgage to cover the remaining balance if necessary. Decreasing term insurance would be a good fit in this situation.
