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7 reasons you need to buy life insurance now

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Chances are you lack life insurance
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Chances are you lack life insurance © pcreart/Shutterstock.com

Chances are you lack life insurance

Being an adult means accepting the responsibility of making certain your loved ones are protected if you unexpectedly leave them behind. The way to do that is with life insurance.

But a frightening reality persists. Half of American households don't feel they have enough life insurance coverage, and almost a third don't have any at all, according to LIMRA, a financial services research and consulting firm.

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"Twenty-somethings won't buy life insurance because they feel invincible," says Brian Frederick, a Certified Financial Planner with Stillwater Financial Partners in Scottsdale, Arizona. "At the other end of the spectrum, folks 50 or older have a hard time buying coverage, either because it's become more expensive or they have a hard time qualifying, medically."

The real "sweet spot" for buying coverage is in your 30s or 40s, when you qualify for good rates, he says.

But New York Life recently surveyed Americans and found that the gap between the life insurance they have and the coverage they need has increased 11 percent in six years.

Is your life insurance lacking? Probably, and here are seven reasons why.

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7 reasons you need to buy life insurance now

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