Life insurance vital in troubled economic times

Jul 13, 2011

Life insurance is important at a time when many can't rely on the economy

With the housing market in shambles, unemployment stubbornly high and consumer sentiment low, experts say families need to consider term life insurance now more than ever.

Economic troubles remain persistent, and the early death of a main breadwinner could leave a family all the more susceptible to financial ruin today, according to LIMRA. The organization reported roughly 25 percent of U.S. households rely on group life insurance from their employer for coverage, despite the fact that rising unemployment could mean they could lose those benefits if they were laid off. An individual term life insurance policy may be the most beneficial policy choice, said experts.

"In a troubled economy, setting financial priorities is critical to protecting your families' livelihood," said life insurance expert Gary Lardy. "Investing in life insurance helps guarantee that there will always be the safety net to protect your family's future if the unforeseeable should happen."

The importance of life insurance is also highlighted when considering the rising costs of long-term care. Some life insurance policies allow a rider or other component that allows policyholders to tap into their benefits to pay for the often exorbitant cost of long-term care.

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