Life Insurance Facts
- 3 in 10 American households are uninsured (35 million).
- Lung cancer is the leading cause of cancer death among both men and women in the US.
- Smokers pay more than non-smokers. Some smokers will have to pay up to 150 percent more than non-smokers who apply for life insurance.
- 6 of 10 consumers can't remember being offered to buy life insurance in last 2 years.
- Two most common types of life insurance are "Term Life Insurance" and "Whole Life Insurance": 1) Term life: Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a
limited period of time, the relevant term; 2) Whole life: Whole life insurance is a life insurance policy that remains in force for the insured's whole life and requires premiums to be paid every year into the policy.
- 7 out of 10 households have dual incomes.
- Reasons: 1) Top 2 reasons to purchase life insurance are for burial expense and income replacement; 2) Top 2 reasons for not buying life insurance are other priorities and lack of resources.
- 30% of wives earn more than their husbands.
- Two thirds of Americans believe that life insurance provides peace of mind.
- Insurers base premiums on age and health at the time of sale.
- 50 million Americans have inadequate life insurance.
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