48% of All U.S. Households Have a
Life Insurance Need Gap*
Is yours one of them?
Did you know that while the number of U.S. households that own life insurance has grown by 4.9 million over the last six years, the amount of coverage they own has decreased over the last 12 years? What You Need vs. What You Own
According to LIMRA's Life Insurance Needs Model®, most households need 5.25 years of income replacement from life insurance coverage or savings if something were to happen to a breadwinner. Yet 48% of all U.S. households have an average life insurance need gap of $200,000.*
Tips for Avoiding the Gap
What can you do to avoid falling into this "Need Gap?"
- Meet with your Mutual Trust Life Insurance Representative at least annually (more often if you recently bought a house, married, had or adopted a child, changed careers, or are preparing for retirement). If you don’t have an insurance representative, click here to find one.
- Visit www.lifehappens.org for more information on the importance of having enough coverage for you and your family, and check out their calculator for basic needs.
*LIMRA's Life Insurance Ownership in Focus—U.S. Household Trends, 2016 |
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