As Life Insurance Awareness Month quickly approaches, more attention is being put on the fact that fewer Americans have a life insurance policy.
The number of U.S. residents without a plan has hit an all time high, with 95 million Americans going through their lives with no coverage at all, according to the Life Insurance and Market Research Association.
As the economic landscape across the country faces difficult challenges, many individuals have chosen to cut back or eliminate their life insurance plans altogether in order to save money. Experts believe that this may be a potentially devastating decision to make. While it is important to put food on the table, a parent who dies without an insurance plan could be leaving their children with nothing.
Men and women alike are carrying less coverage than they were in 2004. Only 57 percent of women have a life insurance policy and 61 percent of men carry a plan, LIMRA reports. Additionally, a mere 10 percent of Americans have both term and whole life insurance policies.
What may not be surprising is that age groups who carry life insurance has continually declined for almost a decade.