Monthly <h1 class="article_title">Term Life Insurance: American Families at Risk</h1> <p>Facts from LIMRA International</p> <p>Following are some interesting facts about life insurance in the lives of fellow Americans.</p> <p>Life insurance sales have been declining for years</p> <ul> <li>There have been steady annual declines in the sale of life insurance policies for the past 20 years (with a few exceptions).</li> <li>In 2002, the year after 9/11, new policy sales increased by only 3 percent. In 2004, they increased by only 1 percent. In 2006, there was neither an increase nor a decrease.</li> <li>The face amount of individual life insurance policies has generally increased. In 2006, $255,861 was the average size policy sold.</li> </ul> <p>Many U.S. families are not prepared for an untimely death</p> <ul> <li>Fifteen percent of husbands and 28 percent of wives have no life insurance.</li> <li>6 million households (ten percent of families with children under 18) have no life insurance or <strong>term life insurance</strong> protection.</li> <li>The percentage of families with dependent children that admit they'll have immediate trouble with everyday living expenses is 22 percent. Another 26 percent say that if a primary wage earner dies they'll only be able to cover expenses for a few months.</li> </ul> <p>Many U.S. couples are underinsured</p> <ul> <li>The average amount of life insurance coverage on insured husbands is $235,600. The average amount of life insurance coverage on insured wives is $147,800.</li> <li>Insured husbands in the U.S. carry enough life insurance to replace their income for only 4.2 years, and wives for only 4.9 years. To meet the expert recommendation of having enough life insurance to replace income for a term of 7 to 10 years, the typical married couple would need to double its current coverage.</li> <li>The percentage of married parents that believe their current life insurance protection is inadequate is 56 percent.</li> </ul> 2010-01-15T17:37:15Z Term Life Insurance Facts: American Families at Risk 88 Term Life Insurance information about the number of underinsured people in the United States. Are you underinsured? term life insurance, life insurance, policies, policy, face amount, protection, coverage Term Life Insurance: American Families at Risk 6 true 59 2010-01-22T21:10:23Z consumer-reports/term-life-facts.asp