At some point in your life, you may decide that the coverage amount of your life insurance policy is no longer enough. Things have changed, and you need more coverage for greater peace of mind. That’s normal. People often need to increase their coverage.
Life insurance is often viewed as a confusing topic. In fact, according the 2015 Insurance Barometer study conducted by worldwide research organization LIMRA and non-profit Life Happens, 38 percent of consumers did not purchase (or did not purchase more) life insurance because they found life insurance research to be confusing. They did not know what types of policies they should buy or how much coverage they needed.
Put your life insurance knowledge and your knowledge of the Gerber Life products to the test and take our life insurance quiz below. If you get stuck, here’s a hint – all the answers can be found somewhere on our website.Read More
People generally have fewer financial obligations as they get older. A home mortgage might be paid off or nearly paid off; the expense of raising children and putting them through college may no longer be a factor.
In addition, you may have a substantial amount in your retirement savings.
So, is life insurance for seniors necessary? Maybe yes, maybe no, although life insurance at any age can be important. You might not need the same level of life insurance as when you were younger, but the risk of not having life insurance may still be greater than the cost of having it. A lot depends on how many loved ones are dependent on you and how much of a safety net you already have.
Here are a few questions to consider when thinking about buying life insurance for seniors:Read More
However, according to a recent study conducted by Life Happens, a nonprofit organization dedicated to helping consumers make smart insurance decisions, and LIMRA, a worldwide association of insurance and financial service companies, that is actually a misconception.
Although there are life insurance policies considered “affordable” for most people’s budgets in the United States, the study found that 80 percent of respondents misjudged the price, with millennials overestimating the cost by 213 percent and Gen Xers by 119 percent.
Because September is Life Insurance Awareness month, we want to help clear up some of the misconceptions about life insurance as well as help you to save you money on your life insurance policy.Read More
According to the 2015 Insurance Barometer Study by Life Happens and the life insurance association LIMRA, more than 40 percent of Americans don’t have life insurance. That equates to more than 128 million people without coverage.
Reasons that people give for not having life insurance vary, from “life insurance is too expensive” to “I still have time, I don’t need life insurance yet” to “I don’t know how to get coverage.” However, its purpose remains the same: Life insurance can provide loved ones with financial protection when they need it most, just like automobile insurance, health insurance and home insurance.
If you don’t have life insurance, here are five reasons for life insurance that you may have not yet fully considered: