"In addition to believing life insurance is too expensive, our research has shown that consumers are intimidated by the process of buying life insurance — 4 in 10 don't know how much they need or what to buy," said Todd A. Silverhart, corporate vice president and director of LIMRA Insurance Research. "Having a better understanding about the factors that influence pricing might help consumers feel more confident and encourage them to pursue getting coverage they believe they need."
Like anything else, the key to finding and obtaining the ideal life insurance policy (or policies) is educating yourself on the ins and outs of this coverage. Knowing how policies work and how much they cost is one of the first steps toward protecting your family in the event of your death. If you're one of the millions who know you don't have enough life insurance coverage, here are some steps to take today:
1. Assess Your Risk and Be Specific
2. Determine How Much Income You Need to Replace
3. Take a Close Look at Your Liabilities
4. Consult with your Independent Insurance Agent to help you through this process