According to a study done by LIMRA in 2013, only 62 percent of consumers report having life insurance, even though 85 percent of consumers agree that it is a necessity.
The percentage of Americans who have individual life insurance has significantly decreased from 72 percent in the 60's to just 44 percent in 2010 said LIMRA. Additionally, in 2011, 40% of those who had life insurance coverage did not believe that they had enough, said a study done by Genworth.
In today's economy, a steady income is the key to managing everyday living expenses. LIMRA says that 4 in 10 households with children under the age of 18 would have a difficult time meeting these expenses if their main source of income were to cease.
One way to educate consumers on the importance of having a life insurance policy is through Life Insurance Awareness Month (LIAM). Every September, Farmers Life pairs up with Life Happens to put on LIAM and are joined by over 100 other insurance companies and industry groups.
Having life insurance provides many benefits that a lot of people are not educated enough about. Some of these benefits include:
- Assistance in paying off loans and debts
- Pre-funding of an adolescent's college education
- A temporary source of income for a family to live on
- Providing a clean slate for a surviving family member to move on from
- Time for loved ones to grieve over a loss
There is not one type of life insurance that is right for everybody, but luckily, Farmers Insurance offers multiple kinds of coverage. You can have:
- Term Life Insurance
- Permanent Life Insurance
- Whole Life Insurance
- Universal Life Insurance
We will be able to find the best policy for you based on your personal financial goals and individual circumstances. You can receive a quote from us here.
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