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Many Americans not purchasing adequate life insurance plans

07/28/11

Death and taxes may be the only two guarantees in life, but experts have found that less than half of the American adult population have adequate life insurance policies. A 2008 survey by Matthew Greenwald and Associates for New York Life Insurance found that only 49 percent of those questioned had enough protection to achieve their financial goals.

The Life Insurance Gap survey found that many people are unaware of how much they should spend on a policy and therefore avoid buying one. Many experts suggest that in order to have accurate coverage, an individual should have five times their income.

When determining exactly what to spend on a policy, each individual is going to have different needs and therefore their spending limits may vary greatly. A person's age, their health, the number of dependents they have and the lifestyle they are accustomed to will all come in to play when determining exactly what type of life insurance plan to purchase.

An individual must also take into account the amount of money they would make throughout their career. If a person dies unexpectedly or at a young age their dependents are going to need to be taken care of for longer. This may mean that those individuals would want to purchase larger policies.  

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