No Life Insurance- Could Be Costly

It’s not that Andrew and Claire Langseth didn’t want to buy life insurance. What parents wouldn’t want to protect their children in case the unthinkable happened? But they started their family when Andrew was in college.

“We didn’t really have a steady income. [Life insurance] wasn’t something we were going to add to our financial commitments,” Andrew, 26, said. Today, for the associate pastor from Stewartville, Minn., with four young kids, the money for life insurance still isn’t there.

The economic downturn pushed life insurance down the list of financial priorities for many American families. Ownership of individual life insurance has hit a 50-year low, according to a 2010 study by Limra, an insurance industry-funded research group based in Windsor, Conn. Today, nearly a third of U.S. households, nearly 35 million, have no life insurance.

…Read more at the StarTribune