Have You Protected Your Most Valuable Asset?

Life Insurance

Have You Protected Your Most Valuable Asset?

Posted by COTO Insurance & Financial Services
3 weeks ago | November 26, 2018

You wouldn’t hesitate to protect your home or car from catastrophe; after all, those are major investments. But for some reason, many people aren’t protecting their most valuable asset.

Did you know that 98 percent of Americans don’t have enough life insurance to replace their own income, in the event that something happens to them? In fact, the average person only carries enough life insurance to replace a mere 16 percent of the income they will earn, from now until retirement.

Your loved ones are counting on that income, to stay in their home, cover their medical needs, prepare for college, and more. Luckily, covering all of your bases is probably easier than you think.

These figures might interest you. The average value of a home in the United States is $272,900. Meanwhile, the average value of a car is about $30,000. And the average value of income earned before retirement is $1.5 million!

Yet, to insure our home, we pay an average of 73 dollars per month. To insure our cars, we pay 65 dollars monthly.

But what would it cost, to insure your income? Surprisingly, the average 35-year-old healthy man could enroll in a 20-year term life insurance policy in the amount of $1.5 million … for only 62 dollars per month. A woman of the same age could obtain the same policy for only 58 dollars per month.

In other words, many people can probably obtain coverage for their most valuable asset – their income – for less than they pay for homeowners or auto insurance! While home and auto insurance are obviously quite important, there is really nothing more valuable than the support you offer your family.

These numbers are averages, of course, and can vary depending upon your circumstances. But we think they serve to make an important point. Are you adequately covering your most valuable asset? Come see us, and we’ll perform a needs assessment, and then show you how easy it is to offer full protection to your family.

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