From LIMRA's report entitled "Trends in Life Insurance Ownership":

• In 1960, 72 percent of Americans owned individual life insurance

• In 1992, 55 percent owned it

• In 2010, 44 percent of U.S. households had individual life insurance — a 50-year low

• Nearly 70 percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today

Most Americans need life insurance

• If you died tomorrow, how would your loved ones fare financially?

• Would they have the money to pay for your final expenses?  (ex. funeral costs, medical bills, taxes, debts, lawyers’ fees, etc.)

• Would they be able to meet ongoing living expenses like the rent or mortgage, food, clothing, transportation costs, healthcare, etc?

• What about long-term financial goals?

• Without your contribution to the household, would your surviving spouse be able to save enough money to put the kids through college or retire comfortably?

If someone will suffer financially when you die, chances are you need life insurance.  Life insurance provides cash to your family after your death.  This cash (known as the Death Benefit) replaces your income and can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.