n a recent survey, it was found that nearly 46% of American adults had neither employerbacked nor individual life insurance. This number was higher among adult women, with 22% lacking insurance compared to their male counterparts (11%). Persisting economic challenges and the surging cost of living have only added more pressure on middle-class Americans, and the idea of taking out life insurance has now become a second-hand thought for many of them. According to the Life Insurance Marketing and Research Association International (LIMRA), under half, or 46% of middleincome Americans currently have individual life insurance policies. Despite the gyrating cost of living that has seen the average price of nearly everything skyrocket over the last year, the cost of life insurance has remained significantly low, with a typical 10year $250,000 life insurance policy, for a healthy 40-year-old individual averaging between $15,00 to $17,00 per month. Yet, individual factors including age, medical conditions, income, and gender among other things will ultimately determine the monthly premium cost of life insurance. And for some Americans, taking out cheaper and more affordable life insurance doesn’t necessarily give them the coverage they require for them and their families to live comfortably in case of a sudden emergency. Taking out life insurancewill be one of the most critical choices you will face, as it will ultimately determine the level of risk management for both you and your family. With several factors that weigh in when choosing life insurance, it’s best to regard some of the most important considerations that can Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 39
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