Does Your Life Insurance Address All of Your Financial Responsibilities?
According to the 2016 Amica Life Financial Peace of Mind Survey, consumers age 25 to 70 most often purchase life insurance to help take care of their loved ones after they’ve passed away. Across age groups, the top reasons cited for purchasing life insurance were to:
- Provide their spouse or partner with a replacement for the loss of their income
- Cover funeral costs
- Pay for a mortgage to help keep their family in their home
- Pay for their children’s future education
The survey also identified that consumers age 25-70 share the following top financial concerns:
- Saving for retirement
- Saving for an emergency
- Paying monthly or daily expenses
- Paying a mortgage
- Reducing credit card debt
- Saving and/or paying for children’s education
- Final expenses and supporting aging parents and adult children become of greater concern to those age 50-70
What’s most noticeable is that consumers are purchasing life insurance to help address some, but not all, of their top financial concerns and responsibilities. What’s more, 84 percent of consumers reported having more than $10,000 in debt. When factoring in a mortgage, 67 percent reported having debt between $100,000 and $499,999.
It’s critical to understand that life insurance can help you address financial concerns beyond your mortgage and final expenses, today and tomorrow. That’s why it’s important to take inventory of your financial concerns, responsibilities and debts, and carefully assess how much life insurance is needed to help protect your family’s financial future. Doing so should help alleviate your biggest concerns and provide you with greater financial peace of mind.
What’s most noticeable is that consumers are purchasing life insurance to help address some, but not all, of their top financial concerns and responsibilities.
We’re Here to Help
We can help you determine the right amount of life insurance to help protect your loved ones. Use our needs calculator to determine how much coverage is right for your unique needs. After you’ve determined your need, you can quickly get a quote and easily apply for Term Life insurance online.1
- Online application not available in all states.
ALIC10517 (exp. 3/18)