Author: Dave Boike, Retirement Resources
Perhaps that's just the reason that we are so collectively underinsured: Who wants to think about their own mortality? While it may not be a pleasant thought, you know it's an inevitability. And while it's not inevitable that your house may burn or you'll be in a car accident, the time comes for us us all — no matter how prepared we may be.
And the statistics support the fact that we are not nearly as prepared as we should be. According to LIMRA (formerly known as the Life Insurance Marketing and Research Association), a full third of Americans have no life insurance at all, and of those that do, their coverage amounts to less than four times their yearly income. However, according to the LIFE Foundation, a nonprofit organization dedicated to assisting consumers to make smart insurance decisions to protect their families' financial futures, most insurance professionals agree that you need at least 10 times your annual income to ensure your family is comfortable now and into the future.
