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More Americans Go Without Life Insurance Policies

It's a sign of hard economic times. Close to a third of U.S. households have no life insurance coverage. The Wall Street Journal reports that according to data provided by Limra, approximately 35 million U.S. households are not covered by life insurance policies, nor are they covered under one sponsored by their employer. The number indicates that the economy may be a factor. Limra speculates that with less wiggle room in household budgets, loss of employer-provided coverage due to layoffs, and employers cutting back on benefits, Americans are left with little or no life insurance coverage.

While the economy can be blamed for this, if you ask a NY estate attorney, he or she would tell you that investing in life insurance may save you from financial ruin in the case of a tragic death. According to the survey done by Limra, 3 out of 10 respondents said that they would be unable to meet living expenses if a primary breadwinner died. An additional 3 of the 10 said that they would be unable to keep up with expenses after a few months.

Many of the survey respondents said that they did not even know where to turn to for help when it comes to buying life insurance. Close to 8 out of 10 respondents did not have a broker or an insurance agent.

While it may seem overwhelming, it is important to go over your options. A NY estate attorney can go over your options with you. It also helps to take recommendations from friends and family members. For more general information, please visit our Related Resources links.

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