Are you underinsured, or not insured at all?

When was the last time you looked at your life insurance coverage?

Why not do it now? Life insurance can be a remarkable utility as an estate planning and tax-saving tool. Whether you have no life insurance, or you haven’t reviewed your policy in a while, it is always a good idea to be aware of your options and be prepared.

About 40% of Americans have no life insurance.

LIMRA, an insurance industry group analyzing insurance trends in the U.S., recently found that among men and women, ownership of life insurance policies has hit its lowest level since 2004. LIMRA’s study shows 39% of men without even term life coverage, and 43% of women in the same boat.1

Alarmingly, the population of married men aged 35-54 who had life insurance dropped more than 10% from 2004-10. Men who fall into this age bracket are usually in or near their peak earning years, and about half of them are fathers.1

Undoubtedly, the most cost-effective life insurance for seniors today is term life insurance. Albeit, the consensus among consumers is to keep expenses down, and a term life policy is up to five times cheaper than a whole life policy. Realistically, more seniors are able to buy a term life policy, but many purchase wasteful products because we never analyze which policy fits best within our lifestyle.