44% of families will face financial hardship within six months if the primary wage earner dies. 60 million American households are either uninsured or under-insured. 46% of Americans have no life insurance. Ten years ago that percentage was only 36%. The average family deficit caused by the death of the family member is $200,000.
This begs the question… why do fewer Americans have life insurance today than a decade ago? Adjusting for inflation the price is the same, and in fact less costly for many types of life insurance.
The last two years has seen an uptick in interest in life insurance and long term care insurance, primarily due to pandemic concerns. According to a recent survey, one third of recent applicants chose to purchase life insurance or long term care insurance due to COVID concerns.
The reality is that having a family discussion about life insurance can be uncomfortable. Thankfully, the process of purchasing term life insurance has been simplified in the last two years, to the point where a policy can be purchased online within 5 minutes. In years past a medical exam and blood work were required, along with a paper application submitted to the insurer after meeting with an insurance agent. Today, up to a $1.5 million dollar term life policy can be purchased online within minutes, no medical exam, no blood work, and no insurance agent. Of course, if you want to speak to an agent Mike Higgins is available seven days a week at 602-405-8769.
Generate an instant term life quote and apply, HERE.