When it comes to the cost of coverage, there are a few factors that will determine how much you’ll spend on a family life insurance.
Fifty-two percent of Americans have life insurance, and the average amount of coverage is $178,150
People between the age of 35 and 45 are the most common group to buy life insurance, but the grief and trauma of losing a loved one to the COVID-19 pandemic caused attitudes to shift about the need for life insurance among millennials (ages range from 25 to 40), who saw a greater need to plan for the final stage of their lives.
While attitudes around life insurance have seen some change, millions of Americans still lack enough or even any life insurance. Thirty-five million households don’t have any life insurance at all. This means the loss of one or both income earners could be financially devastating to a family.
There are seven groups that are likely to be under- or uninsured—single parents, parents who both work, stay-at-home moms (or dads), homeowners, business owners, people with a history of minor health issues, and people whose employers provide group life insurance.
Even if you don’t fall into one of these groups, you and your family may still lack the financial protection you need. A New York Life financial professional can help you assess whether you have enough insurance or need more for the unexpected.
Life insurance is an agreement between you and your insurance company. In exchange for the payment of premiums, the insurance company agrees to pay a lump sum in the form of a death benefit to the loved ones you’ve elected as your beneficiaries**. Your loved ones can use this money to pay for everyday expenses and more.
You can work with one of our New York Life agents to get a specific quote. Your agent can help you decide the amount of insurance your family needs and identify the product (or products) that will best fit your budget. And once you find the policy that’s best for you, your agent can help you proceed.