Life Insurance Breakdown Infographic by Fidelity Life Association
(http://www.fidelitylife.com) Fidelity Life Association has released an informative infographic to help both clients and potential customers learn about life insurance and get the real facts.
- (1888PressRelease) June 27, 2013 - Chicago, IL - Having life insurance can save you a lot of money and prevent you and your family from declaring bankruptcy. Fidelity Life used an infographic to help convey this message in an easy to read format.
The infographic starts out by explaining that although many Americans do not have life insurance, a majority of Americans believe it is important to have this coverage. To be specific, 93% of Americans think they should have life insurance, but only 70% actually own it. This is quite a discrepancy and that is why Fidelity Life put out this data, to make people more aware and informed.
Life insurance can help offset the costs of a funeral which nowadays can average $20,000, and supplement the income of the primary breadwinner of the home. Expenses can quickly rise without the primary breadwinner in the home, so having coverage that is ten times their gross income is highly recommended. If you find yourself in this emergency then life insurance will help cover the costs of the funeral as well as the income that has gone missing.
The cost of life insurance depends on the coverage desired, age, the current state of health your body is in, and many other factors. Needs and wants change throughout life, marriage, starting a family, buying a home, coming into an inheritance are all valid reasons to look into a life insurance policy.
The infographic outlines and describes the pros and cons for two types of life insurance coverage: term life insurance, and whole life insurance. With term life insurance, you are covered for a specific amount of time, be it 5 years, 10 years, 20 years, 30 years, etc. Term life insurance generally has a lower premium than whole and a larger payout, but has no cash value because it is strictly an insurance policy. Whole life is different; as long as premiums are paid, it covers the policyholder until death. - premiums can become higher over time, but the policy can become a growing investment. Cash often can be accessed anytime via loans or withdrawals. The only downside is that premiums can increase over time.
Hopefully, after reviewing the infographic about life insurance many more Americans will be aware of the risks associated with not having life insurance. It is a tiny investment to protect yourself and your loved ones in case of an emergency. To view the complete infographic visit Fidelity Life Insurance at http://www.fidelitylife.com/infographics/life-insurance-breakdown
About Fidelity Life Association
Fidelity Life Association was established over a century ago as a fraternal benefit society in the state of Illinois with the mission of providing financial security for the growing middle class of the Midwest and Northern states. Since then, Fidelity Life Association has served many thousands of satisfied customers. Today, Fidelity Life Association has over $22 billion of life insurance in-force, over $554 million in admitted assets, capital and surplus of over $278 million and an A- (Excellent) rating from A.M. Best.
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