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12 Life Insurance Statistics Worth Your Attention If You’re A Busy Breadwinner • The Dumb Passive Income Blog
Life Insurance or Love Insurance. It’s an act of love to protect your loved ones.
Are you the breadwinner in your household? If you bring home the bacon for your loved ones, it’s important to remember that there should never be a time when they run out of bacon.
That’s where life insurance comes in. These 12 stats may reveal something worth pondering.
1.) A Total Of 267 Million Life Insurance Policies Are Active In The US
It’s not surprising that 54% of Americans have taken some form of precaution like having life insurance. Approximately 27.8 million life insurance policies are sold each year in the United States since 2018. The face amount of all 267 million policies today is $3.29 trillion.
2.) Top Reasons Why People Buy Life Insurance
Ironically, the main reason why people buy life insurance pertains to death. Nearly 8 out of 10 people buy life insurance for death benefit purposes.
- 83% buy to cover burial and final expenses
- 68% buy to replace breadwinners’ loss of income
- 63% buy to pass on wealth or estate to heirs
3.) COVID-19 Gave Rise To 1 In Every 5 Americans Buying Life Insurance
The pandemic caused Americans to go on a shopping spree for life insurance, with insurance firms reporting…
This is only a snippet of a Passive Income Article written by Alvin Medalla
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