While 85% of Americans agree that life insurance is necessary, only 60% of American adults have life insurance.
Frankenmuth, MI (PRWEB) October 15, 2013
While 85% of Americans agree that life insurance is necessary, only 60% of American adults have life insurance, according to a 2013 study by LIMRA. For Americans, buying life insurance may be one of the most important decisions they make. Aside from providing financial security, life insurance can also provide personal peace of mind and protection for families. Planning ahead and purchasing the right type of life insurance is one of the most significant things an individual can do for their future.
With 3 in 10 American households being uninsured, the local agents at Emil Rummel Agency are concerned. The agency wants Michigan residents to understand life insurance and get the protection they need. Since the top two reasons people do not buy life insurance are related to finances, it is important to understand how the cost of life insurance is determined.
The cost of a premium rate for a life insurance policy typically has two factors:
1. Mortality – The risk of death
There are many additional conditions that can be considered impactful on these two factors. An insurance expert can go over all of that with an individual.
LIMRA also points out that consumers’ lack of knowledge about life insurance keeps them from purchasing – with 12% unable to decide what or how much to buy. The local agents have some recommendations for that, as well. Life insurance should provide enough financial security to:
- Achieve personal financial goals
- Be able to replace income for dependents
- Offset additional expenses
- Cover death related expenses
- Help with additional expenses family members could incur
- Provide for dependents beyond plans – for example, the cost of college for a child not of college-age at the time of death
In Michigan, residents are encouraged to give the local agency a call with any and all questions. Life insurance is a significant decision and should be discussed in confidence with someone who understands a person’s specific needs. There are multiple kinds of life insurance and the terms can become confusing for many.
The agents at Emil Rummel Agency can discuss residents’ personal situations and assess the range of policies available and how they can meet the unique needs of any individual. Confusion about life insurance should never deter a person from getting the security and peace of mind they need.
About Emil Rummel Agency:
Emil Rummel Agency has been serving the insurance needs of Michigan residents since 1950. The agency firmly believes in acting like more than just an insurance agency. They strive to treat their customers like family. Because of this mission, they are always improving the level of service they provide to their clients through personal attention and dedication. By getting to know their customers, Emil Rummel Agency is able to help build customized insurance plans that fit all the insurance needs of their clients. The agency offers a wide variety of personal insurance policies, financial services, as well as business insurance for specialized industries.