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Life Insurance

Mark Skousen recently told a story in his monthly newsletter, “Forecasts & Strategies, that I think best illustrates crisis that his happening in this country when it comes to life insurance. It went like this:

“Last summer a personal tragedy occurred in my home town. A much-beloved religious leader died of cancer, leaving a widow and eight children. He was only 46 years old. In some ways, he reminded me of my own father, who died of cancer at the same age. He left my mother with ten children. I was only 16 when he passed away.”

Financially, there was one big difference between my father and this church leader. My father had purchased a large life insurance policy prior to his unexpected bout with cancer; this minister did not. He only had a small policy that covered his burial expenses and little else. Because of my father’s foresight in buying a large life insurance policy, my mother was able to stay at home, raise ten children and give us a decent education. Most of us went to college. We didn’t grow up living on easy street, but we were given a fair chance to succeed.

With no savings and no insurance proceeds, the minister’s family is struggling to survive. His widow, who didn’t finish college, is looking for work. With small children still at home, it won’t be easy. She doesn’t have the funds right now to return to school. A family fund has been established, and church members are contributing to it, but so far the basic goal has not been met.

Why did this man of God fail to take out adequate life insurance coverage? It’s an interesting question because, as a church leader, he constantly preached to his congregation the importance of ‘provident living’ and being prepared for emergencies. His work did not provide much of an income, so he probably thought he couldn’t afford an insurance policy when he was struggling to put food on the table.

The amazing thing in all of this is that, with a little foresight, this man could have bought a $500,000 term policy that costs less than a dollar per day.”

Too many people are in exactly the same or a similar situation as this minister. Over 61% of American adults have no life insurance. And of those who do, most do not carry enough to adequately cover the financial obligations they leave behind.

Consider these statistics 1:

  • Only 61% of adult Americans have life insurance
  • Only 41% of adult Americans have individual life insurance. Many rely on group insurance, leaving them vulnerable if they lose a job.

Most people who have life insurance don’t have enough.

  • The U.S. Justice Department calculated compensation to meet the needs of families of victims of September 11, 2001 terrorists
  • The government recommended approximate payments of 12 times income for couples with no children and 20 times income for households with children. 
  • The average total coverage of those who have life insurance is only 2.7 times the annual income.
  • The average life insurance need is about $459,000, but the average amount of life insurance owned is $126,000…an average underinsurance over $300,000

It is likely that there are a number of reasons you have put off buying life insurance. You may think you can’t afford it. This simply isn’t true and you can see for yourself by running an instant quote with our free term quoter. Perhaps you are confused about your options. That’s understandable, since there are over 2,000 insurance companies – each with a myriad of products – competing for your money. The fact that you are visiting our website is a sign that you are headed in the right direction.

At Estate Planning Specialists, we have decades of experience in assisting Americans protect their families with life insurance. Over the years we have honed our processes to make buying life insurance as easy as possible, yet ensuring our clients receive the best most cost-effective plan for their particular situation.


1 Facts from LIMRA International for Life Insurance Awareness Month (LIAM) – August 2004 – Special Edition

States Where Life Insurance is Creditor Proof

State Life Insurance Cash Value
Alabama Exempt Exempt
Alaska Exempt Exempt
Arizona Limited Exempt
Arkansas Limited Exempt
California Exempt Exempt
Colorado Exempt Limited
Connecticut Exempt Exempt
District of Columbia Exempt Exempt
Delaware Exempt Exempt
Florida Exempt Exempt
Georgia Exempt Exempt
Hawaii Exempt Exempt
Idaho Exempt Exempt
Illinois Exempt Exempt
Indiana Exempt Exempt
Iowa Exempt Limited
Kansas Exempt Exempt
Kentucky Exempt Exempt
Lousiana Exempt Limited
Maine Exempt Limited
Maryland Exempt Exempt
Massachusetts Exempt Exempt
Michigan Exempt Exempt
Mississipi Exempt Limited
Misouri Exempt Exempt
Montana Exempt Exempt
Nebraska

Exempt

Limited

Nevada

Exempt

Exempt

New Mexico

Exempt

Exempt

New Jersey

Exempt

Exempt

New York

Exempt

Exempt

North Carolina

Exempt

Exempt

North Dakota

Exempt

Exempt

Ohio

Exempt

Exempt

Oklahoma

Exempt

Exempt

Oregon

Exempt

Exempt

Pennsylvania

Exempt

Exempt

Rhode Island

Exempt

Exempt

South Carolina

Exempt

Limited

South Dakota

Exempt

Exempt

Tennessee

Exempt

Exempt

Texas

Exempt

Exempt

Utah

Exempt

Exempt

Vermont

Exempt

Exempt

Virginia

Exempt

Exempt

Washington

Exempt

Exempt

West Virgina

Exempt

Exempt

Wisconisin

Exempt

Limited

Wyoming

Exempt

Exempt

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