insurance

7 reasons you need to buy life insurance now

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

At some point, most adults will need life insurance to provide for loved ones they might leave behind.

But a frightening reality persists. Nearly 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.

Find the best life insurance rates in your area.

"Twenty-somethings won't buy life insurance because they feel invincible," says Brian Frederick, a Certified Financial Planner with Stillwater Financial Partners in Scottsdale, Ariz. "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, Frederick says.

But New York Life recently surveyed Americans in that Generation X age group and the insurance giant found that the gap between the life insurance they have and the coverage they need has increased 24 percent in five years.

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

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