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The Two Truths Every Family Must Know About Life Insurance

One surprising survey and two discount opportunities reveal that life insurance may be more affordable than many realize.

This is the important rule to follow to make sure your family is covered in an accident or tragedy. Of the families who have no life insurance coverage, 62% say they would be in immediate financial trouble if a primary wage earner died, but most of those fear it's just too expensive. Research showed that many overestimate the cost by as much as 300%.

1) If you're under 70 years old and don't smoke, you may qualify for these two major discounts. In addition, there is a 40% potential savings by comparing multiple life insurers.

2) Life insurance companies are offering up to $1 million in term life coverage right now or $25,000 in final expense–requring no medical exams. And, monthly costs are as little as a few dollars with a 30 day money back guarantee.

4 Overlooked Stats Supporting Life Insurance

We'll pay to insure our car and often our cell phones, but not having life insurance leaves the most important people in our lives to worry. Without life insurance, your family must find enough money to pay for burial costs, any debts, mortgages, and car loans. If they don't have the savings, then they may have to take out more debt. With life insurance, the family can focus on grieving and has nothing to worry about financially.

1) Average cost of a funeral: $7,000.

2) Average cost to raise a child in the U.S.: $245,000.

3) Average home price in the U.S.: $188,900.

4) Average income in the U.S.: $50,500.

Term life insurance policies are the most popular and easiest to understand. Here's a brief explanation of popular plans:

Term policies are very inexpensive. Choose to be covered for a certain amount of years (such as 10 to 30). If you pass during this time period, your family will be completely covered and financially secure. If you do live longer, many companies will allow you to convert the plan into a whole life insurance plan.

Whole: This is like term, but there's both a death benefit and a cash value. Also, it has no time limit and is expected to continue until one passes. You're able to cash much of your investment out of Whole for any reason. Many over 50 years old will use this for retirement.

Burial is for the purpose of covering a funeral/cremation, but can be used for anything else as well. It is typically purchased by those 50 to 85 years old with $5,000 to $25,000 in coverage.

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