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# The infographic shows some shocking facts about life insurance and as a consumer you must take note of these numbers. It talks about the number of customer who is uninsured in the United States of America. Even those who are insured, a good number of people among them think that they need more coverage. This life insurance infographic also discusses about the percentage of people who are afraid of taking a life insurance policy due to their lack of knowledge in this field. You will also know what are the things that convince consumer about purchasing a policy.
Stat Source: LIMRA
# This infographic shows you the best way to evaluate how much life insurance you need. How much life insurance coverage do I need? People often ask this common question. The amount will certainly vary from person to person. You have to consider these 5 points for certain:
Final Expense: You have to ensure the burial expense is covered by death benefits. This is an immediate burden on family members at death event. At lowest, you have to spend around $8k-$10k for this event.
Debts and Loans: The personal loans and outstanding debts have to be paid otherwise family members will be responsible for it. You can’t let your family to bear it. So, either pay out all the debts when you alive or include this while calculating coverage amount.
Coverage Period: How long your coverage will be valid for? If you choose term policy, then it could be 10, 20 or 30 years. You can get 30 year term policy up to 50 years, but for someone over 70, you can only get a 10 year term policy. The permanent life insurance is valid for the remainder of life.
Type of Coverage: What type of life policy you choose? Term and whole policy are two most popular choices. You can also consider a guaranteed acceptance life insurance if health condition is a concern. At least get a funeral insurance which is very affordable for anyone at any age range.
Education Expenses: The education cost is escalating year by year. If you want to leave a legacy for family make sure it includes tuition fees for college going children as well.
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