Results from a recent study conducted by Northwestern Mutual showed that only 56% of Americans feel they are financially prepared to live past the age of 75. An even smaller percentage (46%) is solvent enough to hit 85 and a paltry 36% think they have a shot to see 95 and still have a few dollars in the bank. The “Longevity and Preparedness Study” shows some alarming trends in fiscal management. How will the other half live when they hit their golden years? Social security alone won’t cut it. A San Diego life insurance specialist from McCormick Insurance Solutions could offer something better.
According to the Center for Disease Control (CDC), the average life expectancy for an American male is now 75.7 years. An average American female is expected to live to 80.6 years, with over half living past ninety. One in every ten couples is now expected to feature at least one partner living past the one hundred year mark. In other words, the old way of thinking about aging needs to be put aside. People are living longer and medical technology gets better every day. Go back just one century and life expectancies were in the fifties and sixties. Where will they be in another fifty years?
Are you prepared to live that long? Young couples in their twenties and thirties have a tendency to leave their life insurance needs on the back burner until they get a little older and start feeling their mortality. This is a mistake. Purchasing a Whole Life Insurance or Universal Life Insurance policy from the San Diego Life Insurance specialists at McCormick Insurance Solutions early in life will ensure financial stability later on. Not only does it guarantee you a full death benefit payout; you’ll also have an asset you can borrow against if you need help making ends meet later on. How many wish they had something like that to fall back on in the last recession?
“The Insurance Barometer Study”, conducted by the Life and Health Insurance Foundation for Education (LIFE), asked why Americans do not have adequate life insurance coverage to live into these later years. The most popular answer, given by 85% of those surveyed, was that they had “other financial priorities”. It was closely followed by the “too expensive” excuse used by 83% of those surveyed. Sadly, the majority of local individuals surveyed did not know what the average cost of a life insurance policy was. Most overestimated by hundreds of dollars.
Call or visit the San Diego life insurance specialists at McCormick Insurance Solutions and start planning for a longer life. The cost of term life insurance has gone down by roughly fifty percent over the past ten years. Whole Life Insurance and Universal Life Insurance are easily affordable for most working class Americans. Look at them as an investment rather than an expense and you’ll see that they’re worth looking into. Call us or email us anytime. We’d be happy to answer any of your questions.