Do you have life insurance? If you do, is it enough? Here are some truly surprising statistics about life insurance usage in America, courtesy of LIMRA:
-- The average amount of life insurance coverage for U.S. adults has dropped to $167,000 -- which is DOWN $30,000 compared to the average amount of coverage in 2004! That really surprised me. Costs of living generally go in the opposite direction, so it appears more folks are worse off than they were 10 years ago.
-- There are 11 million fewer American households covered by life insurance today compared to just six years ago. Could that be related to the Great Recession's impact, with folks cutting all kinds of costs?
-- Just as bad, right now, 30% of U.S. households have NO life insurance at all.
There's really no excuse for a family to not have at least a basic term policy in place, particularly when there are children involved. Term policies are very reasonably priced.
However, you don't want to skimp on the company you buy it from. I've heard of people with "no-name" life policies find that their original insurance companies went out of business, and that their policies were SOLD to other no-name life insurance companies. You don't want your policy to backed by "Lloyd's of Lubbock" (sorry, old joke from the Odd Couple TV show from the '70s)!
Quality companies, like Farmers Insurance, of course, offer excellent pricing, so you can get cost savings AND a company that will be there when you need it.
How's YOUR life insurance plan -- or IS there one? It's very important to me, personally, to make sure families are properly covered, because my mother passed away when I was three, and our family had NO life insurance in effect. I know it was hard on my Dad and all of us kids in the days that followed. How a simple insurance policy would have made a difference.
So during September, which is Life Insurance Awareness Month, please take some time to sit down with your trusted insurance advisor, and make sure you have a good plan in place to protect your loved ones, now and in the future.
David Yates Insurance Agency
1881 General George Patton Dr., Suite 103
Franklin, TN 37067
Phone 615-778-1816 Fax 615-778-1817
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