Life Insurance Cover Statistics 101

Life Insurance Cover Statistics 101

life insurance statistics 101

The Stats

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#1. The stigma of it being too expensive

Statistically, people who have not purchased Life Insurance cover yet, think it is 3x more expensive than it actually is. The chances are, you’re probably paying more for your cable TV and Entertainment bill than what you would pay for Life Insurance. If you’re one of these people, don’t put off buying an  affordable Life Insurance Policy. Empower yourself with the right info, and make an educated decision. Instead of following the stigma of Life Insurance Cover being too expensive, try it out, get a quote for yourself. You may just be pleasantly surprised by what you find.

#2. People don't like thinking about death

Approximately 1 out of 3 people are not buying Life Insurance cover, or more of it, because of this reason. I hate to be the one who tells your this, but you will die eventually. Unless of course you’re a cartoon character that can magically spring back to life, or for some reason, you have Harry Potter’s wand. Premature death is something you need to think about, especially if you have loved ones that depend on your income. Your children’s education, your bond, making sure your spouse will live comfortably in their retirement years, Comprehensive Life Insurance will take care of all of these concerns. 

#3. Most women believe they don't have enough life cover

Historically, women have felt that financial decisions like buying Life Insurance had been mostly geared toward men. This is why statistically, women have less Life Cover than men. Another factor that plays a role is, generally speaking, women may have more everyday responsibilities, that keep them too busy to address financial planning strategies. In a study conducted by Mainstay Investments, 81% of married women surveyed, say that they share equal responsibility for financial planning decisions with their spouse. But, only 44% of husbands surveyed agreed with that statement. The majority of married men surveyed, 56%, say they make most of the household financial decisions on their own.

In the spirit of the rise of women in the workplace, this statistic has to change. It is possible for both you and your spouse to have enough life cover, creating a balance that doesn’t make one, or the other, feel slighted. This is why there are free quotation and need analysis tools that can help you make the right financial decision going forward. Have a knowledgeable consultant call you, at a time and day suited to your schedule, or email you a full breakdown once your quote has been completed. 

#4. Three out of Ten people are not sure how much cover to get

The goal here, for us is to educate. As mentioned in statistic #3, one of the best ways to get more info is to speak to  knowledgeable consultant, about what your options are. By doing a needs analysis and getting a free quote, you can eliminate the fluff. Speaking to a consultant can also bring you up to speed with valuable information. 

Here’s an example of what that might look or sound like. “Getting a Cash Back benefit added to your Life Insurance Cover, may be an investment. However, if you already have an investment portfolio that is giving you a much better return, over the same period as the Cash Back benefit, you may be wasting money by adding such a benefit to your Life Cover.” Or bonus facts like: 4 out of 10 married couples only have Group Life Insurance Cover. Which is great to take advantage of if it is offered by your employer. However, you can only collect on this type of Life Insurance Policy if you pass away while employed by the company. Which means, you may be left out in the cold if you unexpectedly lost your employment with the company. 

With all of that being said, increase your Life Insurance IQ starting today, you’re empowering yourself to make a better decision going forward. Here, you can avoid being one of those 3 out of 10 people.

Life Insurance Cover Statistics 101

  • References:
  • Financial Channel
  • Mainstay Investments