The Results are In: The Most Popular Reason to Purchase Life Insurance is….
Marriage prompts more life insurance purchases than any other life event, according to a new poll from Northwestern Mutual. The survey of more than 2,000 American adults found that 32 percent of those who purchased life coverage on their own, as opposed to through an employer, did so as a result of getting married.
Other popular reasons for getting life insurance coverage were planning for retirement (25 percent) and becoming a parent (22 percent).
On the flip side, another recent poll looked at reasons people cite for not purchasing life insurance. The 2012 Insurance Barometer Study found that “other financial priorities” were named by 85 percent of people without life insurance as the main reason they lacked the coverage.
The study, sponsored by the non-profit Life and Health Insurance Foundation for Education (LIFE) and LIMRA, a life insurance marketing association, also found that the second-leading reason people gave for not buying coverage, picked by 83 percent, was that it’s “too expensive.”
LIMRA said that 95 million Americans, a third of all U.S. households, have no life insurance. The number of insured is also growing. Today 11 million fewer American households have life insurance compared to six years ago, according to LIMRA.
Why Purchase Life Insurance Now?
Results of both these recent survey suggest prospective life policyholders have some inconsistencies in their knowledge about life insurance.
For instance, getting married is probably a sound reason for purchasing life coverage, since new spouses now have someone else depending on them.
Marriage also may involve large joint purchases, such as buying a home. So one’s unexpected death could easily create a financial hardship that would be mitigated by life insurance. The Most Popular Reason to Purchase Life Insurance is…
But Insurance Barometer survey respondents who said life insurance was too expensive probably weren’t well acquainted with the fact that, according to LIFE, life insurance premiums at the moment now are lower than they normally are.
Married or single, with kids or without, near retirement of just starting out, life insurance has rarely been a more affordable option, the group said. The Most Popular Reason to Purchase Life Insurance is…
What is your plan? Do you have a plan? CLICK HERE – Life Insurance ~ Because you care.
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