My son was born when I was 30 years old. Honestly, I didn’t get life insurance until I was 36. I had never been taught the importance of using Life Insurance to manage risk and protect your family. Recent studies show that I’m not alone. There is a huge gap in the level of financial literacy in the United States.
According to a recent study by LIMRA;
- Among households with children under 18, 4 in 10 say they would suffer immediate financial trouble if a primary wage earner died today.
- Another 3 in 10 would have trouble keeping up with basic living expenses after several months.
- Overall, 7 in 10 of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.
To be clear 37 million households have no life insurance… none…