Americans Are Under-Insured
48 Million U.S. Households Are Underinsured, Says AAA.
FACTS ABOUT LIFE INSURANCE
--More than 1 in 4 men have no life insurance coverage, and almost two-thirds of men aged 18 to 24 have no life insurance.
--Nearly 1 in 3 women have no life insurance coverage.
--The average amount of life insurance coverage on insured individuals reached $146,300 in 2004.
--Twenty-five percent of U.S. household heads feel they do not have a plan in place to provide a decent standard of living for their family if they died tomorrow.
--Three-fourths of Americans needing more insurance think they can't afford the premium, despite the fact that many are under age 45 and could buy term insurance for a modest sum.
--Consumers feel buying life insurance is an important and complex financial decision. Eight in 10 find it difficult to decide how much and what type to buy and worry about making the wrong decision. Two-thirds don't know where to buy or who to turn to for help.
--Life insurance surpassed all other sources of financial assets or income that Americans expect to use to help pay bills and to maintain their lifestyle if a primary wage earner dies.
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