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Life insurance coverage might not be the first thing you think of when considering your financial planning.  However, it is an extremely important component of that planning.  If the unexpected happens, the people you leave behind could be left with the very same financial hardships you’ve been working so hard to prevent, especially if you haven't put the proper life insurance in place.  Sadly, as you'll see from the data below, most people fall into one of two categories: uninsured or underinsured.

Survey: 39% Have No Life Insurance

If life insurance hasn’t made it to your priority list, you aren’t alone.  An August 2012 survey from Harris Interactive found that 39% of respondents had no coverage.  Most people thought it would cost them too much, but many hadn’t even considered whether they need it.  In short:

Of the 39% with no coverage:

• Costs too much:  45%
• Haven’t thought about it:  23%
• Don’t think they need it:  20%
• Partner provides coverage:  6%

61% with Life Insurance are Open to Risk

People who had life insurance coverage had not eliminated their risk, either, though.  How much coverage is needed is based on many variables.  There are the immediate expenses, of course, such as funeral expenses.  Then there are longer-term considerations, such as mortgages, college expenses, and inflation. 

The survey found that 61% of respondents had too little coverage based on a rule of thumb that a million dollar policy would be sufficient to cover a median household income of $50,000.  Most of these respondents hadn’t really considered how much life insurance would be needed to take care of those left behind when all the variables are considered.  

Of the 61% with too little coverage based on their income:

• $100,000 of coverage or less:  53%
• $100,000 to $250,000:  20%
• $250,000 to $1,000,000:  15%
• $1,000,000 or above:  2%

(You can see an infographic of this data here.)

As you can see, most Americans are woefully unprepared or under-prepared when it comes to life insurance.  But it really doesn’t have to be this way since these policies can be very affordable and flexible. 

To protect the work you’ve done in life, and protect those you leave behind, talk with an insurance adviser about your specific situation.  They can help you consider all the variables and calculate what amount of life insurance you should incorporate into your financial planning.  

Need Help Understanding Your Life Insurance Options?

If you'd like help reviewing your life insurance coverage, please contact us today for a free, no-hassle consultation.  

Life insurance: there’s a lot riding on finding the right policy. After all, if your loved ones should end up needing it, you want to know they will be properly covered. Therefore, targeting a life insurance policy that’s both affordable and offers quality protection is the right way to begin your search.  

Who Can You Trust?

Given all the life insurance advertising on TV, you may be tempted to call an 800 number for one of the big life insurance advertisers. The trouble is, if you do that you are not taking advantage of the price and coverage competition that occurs when quoting multiple insurance companies at the same time. 

And, if you try to quote multiple companies without the benefit of someone who understands the difference between the coverages offered by various insurance providers, then you risk missing something important in your coverage – something that may reduce important coverage needed by your loved ones.

Life Insurance Choices + Knowledge = Quality and Savings

The solution? Get help from a knowledgeable and trusted Pennsylvania life insurance broker in Reading PA or elsewhere who represents many competing PA life insurance companies, and who can guide you through the process of getting the right life insurance coverage at the right price.

That’s where your friends at American Insuring Group near Reading, PA can help.  Our professional agents are committed to helping you understand what life insurance coverage you need for your spouse and family, and to finding an affordable life insurance policy that is well suited to your needs.

At American Insuring Group, we represent virtually every life insurance company that is licensed in the USA, so you can “bet your life” you are getting the best coverage at the best price. Our unique website offers instant on-line life insurance quotes from all the major life insurance carriers.  Our lifelong pledge to our customers is this, "If we can’t save you money on your life insurance, dinner is on us”! 

Do it Right

So whether you’re located close to our Shillington office near Reading, PA, or near Philadelphia, Lancaster, Harrisburg, Allentown, Pittsburgh, or Erie, we can help. Call one our professional licensed insurance agents today at 800.943.2198 for high-quality, affordable life insurance.

You’ll be doing the right thing for your loved ones!

Life Insurance quotes are a lot like a bowl of Cherries, just make sure you pick the ones that are ripe and delicious!

Whole Life Insurance - Yesterday's Most Popular Choice

Back in the good old days, getting life insurance quotes from the local life insurance agent was a pretty simple and routine task.  Typically Mom and Dad purchased a life insurance policy on all the kids at birth from the agent who came to the house every month to pick up the premiums due for Whole Life Insurance policies that were written on Mom and Dad when they got married. A Whole Life Insurance policy built a cash value by paying dividends and interest. These types of life insurance policies usually had a small death benefit and were very expensive. This is what a typical family purchased as recently as a decade or two ago.

Term Life Insurance is Popular Today, But is it Right for You?

Today almost all life insurance quotes are for Term Life Insurance.  Term Life Insurance covers the risk from premature death and usually the cost for the policy is set for a "Term" or period of time.  Common Term Life Insurance periods are 10 or 20 years.  The advantage of this type of Life Insurance policy is that it provides the maximum amount of death benefit at the lowest price. The disadvantage of Term Life Insurance is that there is no cash build-up to offset the increasing internal costs so at the end of the "term", the premium or cost increases dramaticallly. The concept behind term life insurance is the insurance company underwrites you for the "Term" and then has an oportunity to re-evaluate your health before they offer you another policy.

Another type of life insurance policy is a hybrid of Whole Life Insurance and Term Life Insurance known as "Universal or Interest Sensitive Life Insurance".  These type of policies combine the advantages of lower-priced Term Insurance with a cash value build-up to help offset the rising cost of the death benefit.

Sorting Out the Pits from the Cherries

So why not just buy "Cheap Life Insurance" from those companies that constantly bombard you with ads for low cost life insurance?  Why not call 1-800-Low-Cost-Life-Insurance and have them write the coverage you think you need?  The reason is your family is too important for that!  You need an Independent broker who represents many competing life insurance companies who offer many different types of life insurance policies for many different situations. More choices help ensure you get the best deal, and one that best meets your unique needs.

One big life insurance question that usually will not be discussed over the phone is "what are the different types of life insurance policies and which one is right for me"?  Only after a thorough discussion of your personal finances and only after a proper discussion of your needs and desires can an experience, professional, licensed agent make a proper recommendation of your life insurance needs. 

Cleaning up the Bowl by Planning for the Future

Too many consumers buy a life insurance policy that they "think is right for them" but is often not thought through.  One big question your agent should ask you when getting life insurance quotes is "what needs will you have after the Term Life Insurance expires"?  The last place you want to be is facing a mortgage or need for an income to a spouse and finding your term life insurance is going to be canceling the policy due to the term expiring or finding out that the price for a new term policy will be skyrocketing at the end of the term.  I cannot stress enough the importance of having an experienced agent review your individual needs and help you develop the best life insurance plan for you and your family. 

Please contact American Insuring Group LTD today for a free, no-obligation personal review of your life insurance needs. One of our agents will design a life insurance plan just for you and your peace of mind. Call today at 800-947-1270 or email me at david@aigltd.com.