Mind the (cover) Gap

Mind the (cover) Gap -

For the second consecutive year, Genworth lifejacket study highlights an important difference between the amounts of life most insurance Americans own and what they can actually need.
study suggests the gap tends to be significantly narrower for the college educated. insured adults who attended or got their college degree are 2.5 times the amount of life insurance coverage than adults who are not high school graduates or who have only a high school diploma. For adults with a high school diploma, 60% have no life insurance, while only 44% of college educated adults not. Without coverage, a single event can ultimately deny the dreams of a family of a secure financial future.
Financial literacy helps people make informed and responsible choices, and the LIFE Foundation encourages everyone to take personal accountability through ownership of life insurance and related products in their planning.
The Genworth study said that life insurers have worked hard to educate customers on the importance of periodic financial reviews to ensure adequate coverage and that the protection of life insurance is very profitable. For what it costs to buy about three cups of coffee a month, a person could add an additional sufficient coverage to meet their current needs.
Young singles who may be predisposed to buy life insurance would be wise to seriously consider locking in low prices and buying coverage today now. Life insurance is as affordable as it has ever been and prices can not be as low again. For example, a 30 year old who is in the best strength rating of "most preferred non-smoking" can buy $ 300,000 of term life insurance coverage level from 20 years to about $ 15 per month.
A financial advisor can help determine if you have a coverage gap and offer advice on the best way to ensure you have adequate coverage. In addition, an excellent tool to determine how much life insurance is appropriate is the life insurance needs of the LIFE Foundation Calculator.
Run the numbers for yourself, then pick up the phone and call your agent.