How Much Life Insurance Does The Average Person Have? 
Why do less than half of the U.S. population have individual life insurance ? In my experience , the majority believes their group term life insurance death benefit provided through their employer will be enough to pay their financial obligations at their death . This may be true but only for those who die during their employment . But what is the percentage risk of that happening ? I saw a study on the percentage of all term insurance plans which included group term that was in force when the insured died was less than 2 % . That means 98 % of the insureds and beneficiaries received $ 0.00 dollars from their term insurance plans . Would I advise not buying term insurance ? ` NO ' but I would only use term insurance to pay for temporary needs for cash , such as : payment of the Mortgage balance , cash to provide for children 's education , and debts that will be paid off prior to retirement . For financial obligations beyond retirement will need to be covered with personal savings or permanent life insurance plans . But for most savings or permanent insurance proceeds are insufficient to provide the Lifetime Income need for their Surviving souse . However , there is a NEW product design available that is much more affordable when Survivor income is the need . It has no product equal . It 's filed and approved in 47 states as a Reversionary Annuity . It 's a Survivor lifetime annuity that you do not have to fully fund . 