Missouri’s Department of Commerce and Insurance said the number of people owning life insurance nationwide is down more than 10% from 2011. Cost is being blamed for the nationwide drop in the number of people owning life insurance policies.
Director Chlora Lindley-Myers said helping families overcome financial burdens after losing a loved one is important.
“It usually it pays a death benefit if you die while the policy is still in effect,” said Lindley-Myers. “The reason why people want to have insurance policies is to basically keep the stability, hopefully, of their family intact when a member of the family dies.”
Lindley-Myers said more education can help Missourians understand the importance of insurance coverage and its role in helping protect their families.
“One would have life insurance to make sure that hopefully the household can continue to function going forward because, or since maybe the breadwinner or one of the breadwinners have died in the family,” she said. “So, that’s why, generally speaking, you want to make sure that you have a sense of security going forward.”
She said investing in a life insurance policy depends on financial need after the death of a loved one.
“For example, you’re supporting your family. You’re paying, you know, for children or a child’s education, paying off a mortgage,” she said. “Some of those things are things that you would have an insurance policy, life insurance policy, for to make sure, again, to keep the continuity of keeping your household together.”
She said more education can help residents understand the importance of life insurance and its role in helping protect their families.
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