Many families know that they need life insurance to protect their family in the event of their death; however, most people don't know exactly how much coverage they need.
Recent studies from New York Life show that the median life insurance gap (the gap between how much coverage families have versus how much they need) in the US was $320,000. The study also showed that the gap amount varied by region: the Midwest had the lowest gap (around $230,000), while Western USA had the highest insurance gap (almost $500,000).
If the breadwinner of the family passed away, the average American family would need to cover outstanding medical bills, funeral and burial costs, as well as everyday living expenses many years after their passing. This includes replacing their income to pay for childcare, college tuition, mortgage payments, credit card debt, utility bills, gas and transportation, grocery bills and more. Most families only have enough life insurance to cover their expenses for three years, but need coverage for much longer.
One reason for the life insurance gap is that families just don't know how much coverage they need. This problem can be solved by using a life insurance calculator, like the one on this site. Just fill out the fields in our life insurance calculator, and we'll do the rest for you!
Another problem contributing to the gap in coverage is that people think it's too expensive. Americans estimate the cost of life insurance to be three times the actual cost. You'd probably be surprised at how affordable life insurance can be. The cost does depend on many factors: your health, whether or not you smoke, how risky your lifestyle or occupation is, etc. We suggest you sit down with a life insurance agent and discuss your needs so that they can give you an accurate quote on the coverage your family needs.
Here at Family Protection Center, we specialize in life insurance coverage and can ensure that our clients don't fall victim to the insurance gap. We'll help you find out how much coverage you need, give you a quote on products that can provide you that coverage and get your family protected as soon as possible. The process is simple – just fill out your information in the form to the right or call us at 855-460-0742. We'll get you in touch with one of our licensed insurance agents in your area as soon as possible.
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