About 35 million
U.S. households
have no life
insurance
coverage,
according to a
2010 study by
LIMRA, an industry
research group.
And more than half
o
(
more)
About 35 million U.S. households have no life insurance coverage, according to a 2010 study by LIMRA, an industry research group. And more than half of American households say they need more life insurance. But, like many financial products, life insurance policies can be complicated by various terms, riders and stipulations which make the purchase of even a straightforward policy tough. In fact, consumers are so confused about buying life insurance that many postpone a purchase or never buy at all.
In the event of a person's death, a life insurance policy provides their spouse, family or named beneficiaries immediate money for funeral costs and other everyday living expenses. Life insurance is designed to replace the income generated by a wage-earner and to help cover things like mortgage payments, children's college education and other major expenses over a lifetime.
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