More Insurance Needed By Consumers, Study RevealsArticle Posted by Expert Author: Adam Foley on 04/08/2013
It's still September, which means that it's still Life Insurance Awareness Month. And it seems that more consumers than ever before are aware of their life insurance needs. A study by Insurance Barometer revealed that one in three consumers think that they need more coverage than they already have. The study, published by the LIFE Foundation and consulting and research organization LIMRA, also revealed the reasons for not going ahead with purchasing additional coverage, one of which was a general perception that life insurance is not affordable.
This echoes a sentiment published in another recent study regarding life insurance, which revealed that many consumers actually overestimate the costs by up to six times. Interestingly, this latest study comes on the heels of the recent statement that life insurance has actually come down in price, costing up to fifty percent less than it did ten years ago. Experts encourage the purchase of life insurance, saying that the many costs of not having adequate coverage make its purchase extremely feasible.
Your first step in rectifying this situation in your own family is to educate yourself about the actual policies, benefits, and costs to you, and the result to your children and spouse should you fail to erect this important safety net. There are reputable and trusted life insurance companies that will tailor a policy to meet your budget and needs.
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