Life Insurance Planning - 4 Things You Need To Know Life insurance is an estate planning tool that can be used to provide your family with the financial security they will need in the event of you or your spouse’s passing. It can also be used to leverage current dollars into a tax free income stream while you are living or pass a tax free benefit to your beneficiaries. Whether you are looking for term, whole or permanent insurance Martini Financial Services can help you navigate this growing landscape.For the most part, we know a good deal about insurance. We buy auto insurance to cover the risk of losing our car. We buy homeowners insurance to cover the risk of loss at home. We use health insurance to cover the risk of healthcare costs. But what about life insurance? Life insurance is important to help pay for final expenses, retire outstanding debt, and replace lost income for wage earners. In today’s highly insurance-conscience environment, it may surprise you just how broad the gap in life insurance coverage is. Here are 4 life insurance stats everyone should know.1: 1/3rd of American Households DON'T have any life insurance...As you might suspect, the lack of coverage does correspond to age. Only 25% of Baby Boomers (1946-1964) are without coverage. A larger 57% of Generation X (1965-1980) has no coverage. And 78% of Generation Y (1979-2002) has no life insurance. These numbers tell us an interesting story. First we can see that as we age, we take risk more seriously. It’s also apparent that there’s a mindset difference about life insurance between people of different generations. Finally we see that contrary to conventional wisdom, people are purchasing life insurance at older ages when coverage is most expensive.2: 50% of those insured admit they need more than they have...Over time our need for life insurance changes. Purchasing of a home, starting a business or having children are just a few common reasons why coverage should increase over time. But the lack in coverage doesn’t neatly correspond to ability to buy it; a staggering 30% of affluent households earning $100,000 or more per year admit to lacking enough coverage. Experts estimate the coverage gap in America is over $11 Trillion dollars.3: Life insurance coverage at a 50 year low...Caught in the trap of a slow economy, and failing to look forward to future needs, fewer Americans have life insurance today than ever before. Interestingly the cost of insurance is the lowest it has ever been. As advances in medical technology continue to extend life expectancy, the cost of insurance carriers to cover a life continually decreases. With life expectancy near 80 years today, the cost of life insurance is at a record low.4: Half of all consumers intend to buy life insurance in the next 12 months...It’s apparent from this statistic that there is a very high awareness of the need for life insurance. But combining this number with the others we have just reviewed it’s clear that a major factor contributing to this lack of coverage is apathy. We know we should do it, but it’s not a priority.But WHY?The need is great. Awareness is widespread. Costs are low. So why are we not buying life insurance? In a recent nationwide survey of consumers, the number one reason Americans are not buying life insurance is that they lack a relationship with a trusted insurance advisor.Martini Financial Services is here to help you with your life insurance planning needs!Data and research from Life Insurance and Market Research Association, LIMRA International, Inc.