Sunday, September 15, 2013
A recent New York Life survey show 20% of Americans born between 1965 and 1976 report zero life insurance coverage, up from 5% in 2008.
The survey also reported a median coverage of $260,000, which is almost $449,000 below what is needed.
As a rule of thumb, you should have five to ten times your income in life insurance.
See Jeff Reeves, Survey: Gen X Seriously Short on Life Insurance, Detroit Free Press, Sept. 12, 2013.