Life insurance costs can seem daunting at first, but when you understand the benefits that a policy can provide to your family, the costs are easier to understand. And while deciding to commit to life insurance costs can help you provide for your loved ones after you are gone, health insurance policies help you cover medical expenses while you are alive. Although not all individuals carry the insurance that they need to cover the expenses that you may have in life, an increasing number are seeing the benefits of planning ahead and preparing for the future.
For obvious reasons, life and health insurance costs are less expensive for policy holders who are younger and healthier. The fact that you did not buy adequate amounts of insurance early in life, however, should not keep from looking into the possibilities of purchasing additional coverage now.
Consider some of these statistics about the life insurance industry:
- 55% of Americans in 2015 indicates that they would recommend life insurance to someone else. By the next year, however, 66% indicated that they would make the same recommendation. This 11% increase is an indication of the growing appreciation for life insurance.
- 86% of all those surveyed indicated that they would agree that most people would require some amount of life insurance coverage.
- 40% of people indicate that they currently own some type of life insurance.
- 34% of people indicated that they think there is a likelihood of making a life insurance purchase within the coming year.
- 40% of Millennials showed some level of interest in a life/LTC combination policy.
- 25% of consumers of all ages indicate that they would be interested in a life/LTC combination policy.
Many parents and spouses work long hours at difficult jobs to make sure that they can provide for their families. It seems puzzling then that some of these same people who make such an effort to pay for house payments, food, and other needs that their family may have, but do not invest their resources in purchasing a life insurance policy that could also provide security and protection.
Whether you are a spouse in a marriage with no children or you are the parent of young infants, planning for your future should include the purchase of a life insurance policy.