There are numerous benefits associated with having an individual life insurance policy. While life insurance can be used as a financial investment, most people decide to purchase the plan to ensure that their family has financial security.
In many families today, both mothers and fathers earn a paycheck outside of the home, but research released by a major life insurance company reveals that men and women are not purchasing equal amounts of coverage.
According to the study of married men and women with children, men typically have life insurance equaling five times their annual household income, whereas women average only three times their annual household income for coverage.
Insurance Information Institute senior vice president and chief economist Steven Weisbart says seeking professional help may be needed to ensure appropriate life insurance coverage is being purchased.
"It can be helpful to consult with a life insurance professional to get the right amount of insurance, but the study found that only half as many mothers as fathers consult with anyone about their personal financial matters," said Weisbart.
Before scheduling an appointment with a professional, people can start off by doing their research and getting individual life insurance quotes online.