70 percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today. 4 in 10 households with children under 18 say they would immediately have trouble meeting everyday living expenses.(Source: LIMRA Household Trends in U.S. Life Insurance Ownership, 2010)
40 percent of Americans who have life insurance coverage don’t think they have enough.(Source: Genworth LifeJacket Study 2011)
48 percent of U.S. households had individual life insurance as of 2016. In 1960, 72 percent of Americans owned individual life insurance. In 1992, 55 percent owned it.
In 2010, insured households had coverage to replace their income for 3.5 years. Today that has dropped to 3 years, which is far lower than most industry recommendations.
Using LIMRA's Life Insurance Needs Model, LIMRA estimates that 48 percent of households (60 million) have an average life insurance coverage gap of $200,000, which amounts to more than $12 trillion in total market need.(Source: LIMRA’s Trends in Life Insurance Ownership study)
The average retirement lasts 18 years, but many last much longer. Plus, who knows what the retirement life expectancy will be by the time you get there? I recommend that you err on the side of caution and plan on a 30-year retirement.
You'll need $1,060,751 in savings if you expect to draw $5,000 per month for 30 years, assuming 6% annual investment returns and 2% inflation. Depending on how much income you expect from your savings, adjust this amount higher or lower to come up with your retirement "number."
The average net worth (assets minus debts) of a 55-64 year old is $45,447.
45% of Americans have saved nothing for retirement, including 40% of Baby Boomers.
38% don't actively save for retirement at all.
20% of Americans tap into their 401(k) assets early, either through a loan or withdrawal.
80% of Americans between the ages of 30 and 54 believe they will not have enough saved for retirement.
Life insurance is about taking care of loved ones. It is about meeting responsibilities and keeping promises. If you own life insurance, it is because you view it from your family's point of view, not your own.
Life insurance is for the living. It has nothing to do with you. It’s about your family.
Life insurance is an expression of love and caring. Because you care about your family, you want to ensure their financial security if you’re suddenly not around to do so. By protecting their financial future, you’re enabling your loved ones to maintain their lifestyle, if something unexpected should happen to you. On the other hand, if a family member suffers a critical or catastrophic illness, the right policy can provide the needed funds get through the hard times.
Life insurance buys time and options. Life insurance gives survivors a chance to adjust over time rather than need to look right away for a downsized home, get a second job, or even go bankrupt.
Life insurance provides cash when it’s needed most. Your life insurance policy can deliver a specified sum of money at the exact time of need even when you live and have medical or personal expenses.
My name is Ari Rigopoulos and I live and work in Texas.
I started in the Life and Health insurance industry back in 1990.
I was licensed in many states and I used to travel a lot, but nowadays, I just work in Texas.
If you have any comments or questions, please drop me a line. If you live in Texas and would like to use my services, just let me know.
If you ever considered the life insurance industry as a full-time career change, or if you are a licensed life & health insurance agent, anywhere in the country, and want to elevate your career, with a national brokerage firm and a great lead system send me an email. You will associate with phenomenal leadership, get excellent training and work with few of the largest and oldest insurance companies in the country. Most of all, you get to make a positive change in people's lives, with the best products available.
You can always e-mail me at: firstname.lastname@example.org
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Disclosure: The information presented on this site is the result of years of experience in the life insurance business, nevertheless it is just a personal opinion. Definitions and basic principles derive from official publications, formal research, and actual performance on returns. As always, past performance is not an indicator of future results. Please have all the facts before you make your own decision.
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