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Seven Groups Who Need Life Insurance But Are Lacking

Researchers say that life insurance ownership is the lowest it has been in 50 years. There are over 35 million households without life coverage, which includes group policies that are normally offered by workplaces. They emphasize that the death of a main wage earner can be a major financial blow to a family. Researchers say that one of the main reasons people don't purchase this essential coverage is because they have misconceptions about the cost, and a report showed that the average person thinks life insurance is three times as expensive as it is in reality. The truth is that coverage has never been more affordable or accessible. Although many people lack coverage, researchers found seven groups that are especially likely to be uninsured or under-insured.

Both Working Parents
If both parents are working, the one who makes less usually does not obtain coverage. This is especially true in cases where one parent works part time and maintains the home the rest of the time. Experts say that most parents who work part time and spend time keeping house do not realize that their essential contributions would have to be taken over by outside help in the event of their untimely death.

Single Parents
Most single parents interviewed said they did not buy coverage because they believed it was too expensive and they didn't have time to look for it. Experts emphasize that this group usually feels this way because money is tighter due to no second income. However, they also stress the importance of planning for the future and that paying life insurance premiums is less costly than leaving dependents vulnerable to paying final expenses.

Stay-At-Home Parents
Researchers found that stay-at-home parents contribute more than $110,000 each year in the form of cleaning, home maintenance, child care, transportation and cooking to their families. If a stay-at-home spouse dies suddenly, these are all expenses that would likely have to be paid for by hiring outside help.

Home Owners
If a surviving spouse is unable to pay the mortgage after his or her spouse's death, the family may be forced to move. Researchers say that while it is difficult to lose a person, it is even more difficult to deal with that emotional loss and the loss of a loved family home at the same time.

People With Minor Health Issues
Many people who have a history of minor health problems think they will not qualify for coverage. They often confuse the qualification rules with those of health insurance companies, which researchers say is a mistaken path of thinking. If people do not have health issues that pose serious risks, they qualify for life coverage.

Business Owners
People who are new to business ownership often skip life insurance due to restricted funds and time. Another common issue with business owners is that they had purchased coverage in the past but failed to update it after their companies grew. Larger and more established businesses need higher levels of coverage, and a buy-and-sell agreement coupled with coverage will let a surviving business partner continue if the other dies.

People With Employer-Sponsored Coverage
People in this group usually have a false sense of security. Although they have coverage, it is usually not enough. Typical group life insurance is about twice the amount of a person's annual salary. However, they may need closer to six or eight times the amount of their annual salary. Researchers also pointed out that employers often terminate life insurance benefits, which is common during economic downturn.

Even those who do not fit into these seven categories may still lack sufficient life insurance. Every person, regardless of financial status, should have life coverage at least to cover their own final expenses. To learn how much coverage is needed and what options are available, discuss concerns with an agent.

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