Life Insurance Survey: Is Your Life Insured To Protect The Loved Ones Depending On You?
- Chances are you don't have enough insurance, the poll found.
- The median US household income is about $50,000 a year, and to replace that, the rule of thumb is that you'd need a $1 million life insurance policy. But few people have that much coverage, the survey found. Here
are the key findings.
- Amount of life insurance coverage owned by those who have it: 1) $25.000 or less - 20%; 2) $25.000 to $100.000 - 33%; 3) $101.000 to $250.000 - 20%; 4) $250.000 to $1.000.000 - 15%; 5) More than
$1.000.000 - 2%; 6) Not at all sure - 10%.
- You're in the same boat with roughly 4 out of 10 American adults, according to a survey released for Life Insurance Awareness Month by lnsuranceQuotes.com, a Bankrate company.
- Those who said they don't have life insurance were asked: Why not?
- Of US adults who currently do not have life insurance coverage, the following is a breakdown of reasons why they do not have this. Respondents were allowed to choose more than one answer.
- Reasons given why people do not have life insurance: 1) It costs too much - 45%; 2) I haven't even thought about it - 23%; 3) I don't need it - 20%; 4) My spouse/partner/significant other has coverage - 6%; 5) I
cashed out my life insurance policy - 6%; 6) Other - 17%.
- Though cost was the most common reason for going without life insurance, another part of the survey indicated the policies are more affordable than many people might think Nearly half the people who've bought their
own life insurance are paying $50 or less each month.
- Of those who have purchased their most recent life insurance coverage on their own, their monthly premiums are as follows (percentages do not add up to 100 percent due to rounding): 1) $10 or less - 8%; 2) $11-$50 -
38%; 3) $51-$100 - 21%; 4) $101-$259 - 14%; 5) $251-$500 - 4%; 6) More than $500 - 1%; 7) Not at all sure - 13%.
The online survey of 2.192 Americans age 18 or older was conducted by Harris Interactive, on behalf of lnsuranceQuotes.com, a Bankrate company, from Aug. 15-17,2012.
Designed by: Brian Freeman | Bankrate.com.