Inadequate Life Insurance Leaves Spouses With Lower Standards Of Living

Lives change. Growing families often trade up to a bigger house. Someone with a pay raise might think of getting a better car. But how many with changing circumstances think about the need to trade up to a better life insurance policy? Turns out... not many. And that means a more difficult life for surviving family members. In fact, The Insurance Information Institute says that nearly half of surviving spouses would experience a 20 to 40% decline in their standard of living if the primary wage earner in the family died. Life insurance is like money in the bank. And, like a retirement account, the equity can grow. It can be used for almost anything – to pay funeral expenses, debts, and to maintain a certain standard of living. September is National Insurance Month, the time each year to familiarize yourself with your policy and check if you’re adequately covered.

Inadequate Life Insurance Leaves Spouses With Lower Standards Of Living

Lives change. Growing families often trade up to a bigger house. Someone with a pay raise might think of getting a better car. But how many with changing circumstances think about the need to trade up to a better life insurance policy? Turns out... not many. And that means a more difficult life for surviving family members. In fact, The Insurance Information Institute says that nearly half of surviving spouses would experience a 20 to 40% decline in their standard of living if the primary wage earner in the family died. Life insurance is like money in the bank. And, like a retirement account, the equity can grow. It can be used for almost anything – to pay funeral expenses, debts, and to maintain a certain standard of living. September is National Insurance Month, the time each year to familiarize yourself with your policy and check if you’re adequately covered. Produced for Allstate