-According to a new survey by Nationwide Financial, 98 percent of consumers who are married, or have someone dependent on their income, lack enough life insurance coverage to replace it. According to the study, “the average consumer surveyed will earn approximately $1.5 million before they retire and currently holds about $300,000 in life insurance coverage, leaving them about $1.2 million short of replacing their income with life insurance.”
“Filling a $1.2 million income replacement gap without life insurance is a tall order for surviving family members when you consider late life expenses such as college, weddings, retirement, health care and long-term care”
Many American do not think about the question, will my wife, kids or significant other be able to live in the same life style if I am no longer here to contribute with my earnings? Will they be able to live in the same house, will my kids be able to attend the same schools? If you do not have enough assets to replace your income, then you are probably under insured. It is very simple math. If I have a million dollars and was able to invest it safely with a return of 3%, that would provide $30,000 per year. The bottom line, most of our biggest asset is us! For more information on this article go to
