Life Insurance is Essential in Utah
Life insurance is an essential financial tool that provides financial security to loved ones in the event of an unexpected death. Despite the importance of life insurance, many people are still not adequately insured. According to a survey conducted by LIMRA, 30% of households in the United States do not have any life insurance coverage, and those who do often do not have enough coverage to meet their needs.
A Common Misconception of Life Insurance
One reason why many people may avoid purchasing life insurance is the misconception that it is too expensive. However, the reality is that life insurance can be as affordable as any monthly streaming service. For example, a healthy 35-year-old non-smoker can purchase a 20-year term life insurance policy with a $500,000 death benefit for as little as $20 to $30 per month.
Life Insurance Provides Peace of Mind
Furthermore, life insurance provides peace of mind for individuals and families, knowing that they are protected in the event of an unexpected death. According to a study by Life Happens and LIMRA, 61% of adults in the United States say they need life insurance, yet only 57% have coverage. The study also found that 43% of households would have immediate trouble paying for living expenses if the primary breadwinner were to pass away.
Life Insurance & Estate Planning
Life insurance can also serve as a valuable tool for estate planning. Life insurance proceeds can be used to pay off debts, estate taxes, and other expenses, allowing for a smoother transfer of assets to beneficiaries. In fact, according to a study by the American Institute of CPAs, life insurance was identified as the most commonly owned estate planning tool, with 27% of respondents citing it as their primary tool.
Life Insurance is Valuable for Employees
Moreover, life insurance can be a valuable benefit for employees, helping to attract and retain top talent. According to a study by the Society for Human Resource Management, 60% of employers offer life insurance as part of their employee benefits package. Offering life insurance as a benefit can help employees feel more financially secure and valued, which can lead to increased job satisfaction and productivity.
Life Insurance is Important for Families in Moab, UT
Life insurance is a crucial financial tool that provides peace of mind and financial security for individuals and families. With affordable premiums and the ability to provide valuable estate planning and employee benefits, it is important to consider adding life insurance coverage to your financial plan.