If you care about your family, you may be one of the thirty-three percent of the people who believe that they do not have enough life insurance to enable the family to continue their regular lifestyle in the event that their untimely death. Yet, some do not believe in planning for the family’s financial future. Because they live paycheck to paycheck, they do not have the extra money to purchase life insurance.
Approximately 25% of Americans do not have a savings account, For these people it may be difficult for them to set aside money for life insurance, since they do not have an emergency fund to carry them in time of need. If they are not accustomed to planning their household finances, then they will not be disciplined enough to pay for life insurance.
What needs to take place at this level is a serious examination into how money is being spent. This could result in a revelation of their spending habits. It helps to spend a week writing down each transaction that is being made with the budget. If couples or individuals could commit to doing this they would be surprised. After all is done, they should see where the budget could be trimmed
For younger couples in their twenties, thirties and forties, the Gen X and Y populations, life insurance is not as expensive as one would believe. It is actually more economical to buy life insurance at this age and hold onto the policies. However, priorities may be different. Younger people have difficulty believing that they could die ay such a young age, even though they may have experienced the death of a classmate or friend.
Many parents today would not like to think about the possibility of their children dying prematurely an, therefore, fail to purchase life insurance or accidental life insurance on their children.In 2010, 2700 teens between the ages of 16 and 19 were killed in motor vehicle accidents in the United States. Another 4400 teens died because of bullying and/or suicide. While suicide is not a covered event on life insurance or accidental life insurance policies, it is enough to make parents aware of the need to purchase life insurance on the children.
In conclusion, parents have a greater need today to purchase life insurance for all members of the family.