Individual Products

Fact: Life insurance purchases have been declining for years.

  • 95 million American adults have no life insurance at all.
  • About 4 in 10 insured husbands and wives only have employer-sponsored group coverage.
  • The average amount of coverage on insured husbands is $235,600.
  • The average amount of coverage on insured wives is $147,800.
  • Husbands carry enough insurance to replace their income for only 4.2 years, and wives for only 4.9 years.
  • The typical married couple would need to double their current coverage to have enough insurance to replace  7-10 years of income (the level of coverage most experts recommend).
  • 56% of married parents believe their current life insurance protection isn't enough.

Source: LIMRA International

Fact: Individual Major Medical Coverage usually is not enough to cover expenses.

  • Average Deductible for an individual today is $2,224 and $4,448 per family
  • Major medical does not pay for the loss of income or cover the cost of incidentials
  • Average American Family Savings Account Balance ------ $3,800.00   Source: Federal Reserve, US Census Bureau, Internal Revenue Service

Fact: Disability Insurance

  • Unexpected illnesses and injuries cause 350,000 personal bankruptcies each year.
    - “Illness and Injury as Contributors to Bankruptcy,” Health Affairs, February 2, 2005
  • In the U.S., a disabling injury occurs every 1 second, a fatal injury occurs every 4 minutes.
    National Safety Council, Injury Facts 2008 Ed
  • Unexpected illnesses and injuries cause 350,000 personal bankruptcies each year.
    - “Illness and Injury as Contributors to Bankruptcy,” Health Affairs, February 2, 2005
  • Today in the event of an accident or illness you need cash.

Fact: Saving for Retirement, Childrens College and more

Out of 100 people who start working at the age of 25, by the age 65:

  • One will be considered wealthy
  • Four will have adequate captial stowed away for retirement
  • Three will still be working
  • Sixty Three will be dependant on Social Security, friends, relatives or charity
  • Twenty Nine will be dead

It is never too late to get stated, however you must get started.

Source:U.S. Census Bureau

     

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