It is surprising to know that almost 93% of Americans believe that having some sort of life insurance plan in place is a necessity; yet three out of ten households are uninsured. Over 35,000,000 families lack the proper life insurance to protect their families and loved ones in case of emergency.
It is a smart idea to look into life insurance policies and see what best fits your current situation, family size, age, health, etc. All these factors determine what your premium is going to be.
If you are younger and healthy and do not smoke then you are likely to have lower premiums than someone older and in a less than optimal health conditions.
Also if you are married, have a family, own a home, or have an inheritance coming in all affect premiums and rates for coverage.
Not having the proper coverage can be expensive for family and friends as the average cost of a funeral runs $20,000 and to be properly secured you need coverage for ten times your gross income. There are term and whole life insurance policies that you may want to consider looking into.
These two types of insurance are the most popular forms of life insurance. Both have their benefits and downsides, which can be seen in the infographic.
Depending on what you want and need will determine what policy and plan to get regarding life insurance. Make sure to be prepared for the unexpected with a goof term life insurance or whole life insurance plan for you and your family.