1. Life Insurance Payouts Will Reach A Record $100 Billion In 2021
Life insurance payout amounts have increased significantly over the past few years. According to the World Health Organization (WHO), life expectancy at birth worldwide has risen from 68 years in 2000 to 71 years in 2018. As people live longer, they spend more time in retirement and need financial protection.
2. Life Insurance Companies Are Increasing Their Investment Portfolios To Meet Demand
The increase in demand for life insurance comes alongside a rise in investment portfolios. Life insurers are increasing their investments in stocks and bonds to meet this demand.
3. More Than Half Of Americans Have No Retirement Savings At All
According to the U.S. Department of Labor, about half of American workers do not have any retirement savings. This means that many people may rely on life insurance policies to provide them with income after they retire.
4. Many People Don’t Know How Much Money They Need To Retire On
Many people don’t know how much money they need to retire on. If you want to retire early, you should plan for a comfortable lifestyle. You can use our calculator to determine how much money you need to save each month.
5. Most People Aren’t Saving Enough For Retirement
Most people aren’t saving enough for retirement. According to the National Institute on Retirement Security, only 40% of Americans have saved enough for retirement.
6. Life Insurance Policies Can Help Cover Your Expenses While You’re Still Working
If you work until age 65, you can still receive payments from your life insurance policy while you’re working. These payments can help cover your expenses while you’re still working.
7. Life Insurance Is An Important Part Of Financial Planning
You should consider purchasing life insurance if you expect to live beyond age 65. You can use our online calculator to estimate how much coverage you need.