"5 Reasons Why Life Insurance Is Important Part Of Wealth"
In this episode I share 5 Reasons Why Life Insurance is important part of building wealth. Fun Fact: From Bankrate.com article written by Ashley Hubbard.
Life insurance facts and statistics
- In 2020, 54% of Americans were covered by life insurance.
- 50% of people overestimate the cost of term life insurance. Millennials, in particular, overestimate the cost by 213%.
- The average premium for a male rises 258% between age 25 and age 50.
- Gender, age, smoking status, health, medical history and other factors impact your life insurance rates.
- The suicide clause refers to a clause that usually lasts about two years, in which an insurance carrier won’t pay out for death by suicide.
- Some life insurance policies exclude coverage if the insured died while committing a felony. Additionally, if the policyholder was murdered by the beneficiary, the benefits are typically not paid out, which is known as the slayer rule.
- A man’s average premium is about 12% more per month than a woman’s.
- The number of consumers who prefer internet sales for life insurance increased from 17 percent in 2011 to 29 percent in 2020.
Email: amir.estimo@thinkgenwealth.com
Social Media: @thinkgenewealth
