In a New York Life survey, 20% of Gen Xers reported zero life insurance coverage. That’s up from just 5% with no coverage in a similar 2008 survey. Also Americans ages 37 to 48 reported median coverage of just $260,000 vs. a self-reported need of $708,996…a difference of $448,996. There is something very wrong with this picture. Financial advisors have an obligation to help their clients obtain a realistic amount of insurance. You might want to start by telling your clients their most valuable asset is their ability to earn an income.
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