“If you have insurance provided by employer, it only covers aid to family in case you die. If a person loses his job or gets sick, he will be left without income,” says personal finance expert Barry Choi.
Only 38% of respondents have Disability insurance, which will cover the costs of a person if he loses his ability to work. This policy will help cover expenses such as children's education, utilities, and other bills. “The problem with such a policy is the high cost. Besides, the service cost depends on the age of the insured. I saw many people at the age over 50 who were suddenly fired and unable to get affordable life insurance,” says Choi.
For healthy 30-year-olds, the average cost of a $500,000 term life insurance is less than $26 per month for men and less than $20 per month for women.
Photos are from open sources.