Households Lacking Life Insurance Left in Lurch

posted by Newsradio 740 KTRH Staff - 

More than 1 in 3 households would have trouble paying their expenses within weeks given the given the loss of the primary breadwinner … and half would be in crisis in six months.

That survey data prompts experts to remind people to think about much they’re covered by life insurance to keep the bills paid.

The insurance research organization LIMRA says nearly half of U-S households have an average life insurance gap of $200,000.

Data indicates:

--35 percent of all households would feel adverse financial impacts within one month if a primary wage earner died.

--Almost half would feel the impact within six months.

--Consumers typically overestimate the cost of coverage by nearly three times the actual cost – and among millennials, up to five times the real-life cost.

--Nearly 60 percent of millennials don’t know how much coverage they need, or what type to buy.

Financial planner J-J Montanaro says your family's unique needs point to whether you should choose a whole-life or term-life policy.

He also tells Newsradio 740 KTRH that your family's unique needs point to whether you should choose a whole-life or term-life policy -- and he says people have misplaced fears about the premiums.

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