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Do You Have Enough Life Insurance?

  If you died tomorrow, how would your loved ones fare financially? It’s not a pleasant scenario to think about, but not doing so can have serious consequences. True, life insurance proceeds may seem like a lot of money. But, imagine if that amount had to pay for a funeral, reduce credit card balances and other debt, and support your loved ones for many years to come. Would it be enough?1

Consider The Statistics:
  • The average traditional funeral costs between $7,000 and $10,000.2
  • The average cost of raising a child to age 18 is $223,966.3
  • The typical American family has a median shortfall of almost $300,000 in Life Insurance coverage.4
A general rule is to buy life insurance coverage equal to eight to 10 times your annual income.5 The amount of life insurance you purchase also depends on your lifestyle: Are you married? Do you have children? Are you a single parent? No matter what stage of life you are in, life insurance plays an important role.

This month, take time out of your schedule to determine your life insurance needs. American Fidelity Assurance Company offers many different life insurance products designed to fit your current and future needs. Learn more about American Fidelity's life insurance policies.



1 http://www.lifehappens.org/liamkit, accessed on 8/13/2009
2 Ezine Articles: Funeral Costs -How Much Does an Average Funeral Cost?; Testa, Mike; October 2008
3 JHA Life Fact Book; 2008 Fourth Edition pg. 9
4Efinancial Advisor: First-Ever "Life Insurance Gap" Study Finds That Many Americans Have Just Half the Life Insurance Protection They Need to Meet Their Own Self-Described Financial Objectives; December 2008
5Kiplinger's Personal Finance: Save Thousands on Insurance; February 2009

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