My Covered Life

Building Legacies & Bettering Communities through Life Insurance

J.D. Power and Associates 2012

Too Many People Lack Adequate Life Insurance Coverage

Did you know that ownership of life insurance has been declining severely over the past couple decades? And those who have purchased life insurance usually do not own enough? Studies show that 40 percent of adult Americans have no life insurance whatsoever, and over 50 million people in this country lack adequate life insurance. Other studies of widows and widowers whose spouse died prematurely (between the ages of 30 and 55) show that less than 25 percent felt their spouse had adequate life insurance. Lack thereof has caused many widows and widowers to have to drastically change their lifestyles, in ways like taking on second and third jobs or working longer hours, borrowing money, withdrawing money from savings or investment accounts, and/or moving into smaller, less expensive housing.

"There's a growing crisis in the U.S. of people not having the life insurance coverage they need to make sure their loved ones would be ok financially if something were to happen to them. We work hard year-round to educate the public about important insurance topics, but September is our main focus because it's Life Insurance Awareness Month. It's the one month of the year when we reach out nonstop to make sure Americans are reminded of how critically important it is to have adequate life insurance coverage. This year we even enlisted the assistance of former Apprentice star Kwame Jackson to help us deliver our message. Kwame's mom died of cervical cancer when he was just 15, and the life insurance proceeds from her policy helped cover Kwame's living expenses and pay for his college education at the University of North Carolina. And of course today he's a very successful business person, thanks in large part to the opportunities he had as a result of his mom's foresight and smart life insurance planning."