For many families, determining which bills to pay has become a decision they are forced to make on a regular basis. Individual life insurance is increasingly being viewed as a luxury, instead of a crucial form of financial security for families.
A recent study conducted by LIMRA reveals that fewer people are protecting themselves financially with life insurance. In fact, the survey reveals that four in 10 American households would experience difficulty paying bills if the breadwinner in the family were to suddenly pass away.
"With so many families continuing to struggle financially, there has never been a more critical time for people to own an adequate amount of life insurance," said LIFE Foundation president and CEO Marvin Feldman.
Fortunately, the survey reveals that 24 percent of households with children under 18 feel they need more life insurance. In some cases, people may be doing without coverage because they feel the individual life insurance quotes they've received were more than they can budget for. In such circumstances, people should try to improve their health and research numerous companies to get the best life insurance quote available.