Approaching the subject of getting Connecticut Life Insurance Quotes is important because even in these days of increased financial awareness it is easy to ignore the neccessity for life insurance. Let's take a look at the facts surround life insurance in Connecticut.
Connecticut Life Insurance - The Facts...
It is a sad fact that according to LIMRA (a trade body for Life Insurers) only 44 per cent of households in the United States actually have life insurance, and that among households with children under 18 years of age (who are among the most vulnerable to hardship in the event of their parents untimely deaths); there are some 11 million households that have no life insurance cover at all.
When asked, of these same households, 4 out of 10 said that they would immediately have problems meeting daily living expenses if the primary wage-earner died. This is quite shocking because it means that there are a lot of families that are living on the brink of a financial meltdown.
And a further 3 out of ten would have problems after a few further months. So, effectively 7 out of 10 families would be having financial problems just a few months after the primary bread-winner in the family passed away.
If we take a closer look at Connecticut Life Insurance then on the face of it, it can be hard to reconcile that picture, because there are some 397 licensed life insurance companies in the state, and it directly supports about 40,000 people in employment. So, despite many people not being adequately insured, it is still a massive business in Connecticut.
In fact, the residents of Connecticut have cumulatively got over $500 billion in death cover, and over 2 million individual Connecticut life insurance policies.
Each policy holder has got an average of $190,000 of life cover, and group life insurance cover amounts to $170 billion according to the American Council of Life Insurers.
But the fact remains that the insurance industry in the United States is currently undergoing a period of contraction, and less people are getting life insurance in Connecticut and throughout the United States.
And the problem is actually getting worse, not better. LIMRA estimates that in 2009 there were 9.4 million new individual life insurance policies taken out in the United States as whole. This is about 1 million less than in 2004, and that during the mid-1980s about twice as many life insurance policies were issued as compared to now in the US.
Why The Decline?
The reasons that LIMRA gives for this decline is largely down to a change of priorities in the minds of consumers. Life Insurance used to be a much higher priority than it is now, according to LIMRA, and those financial priorities have now shifted towards paying off mortgages on properties, saving for retirement, or paying off debt. And so the idea of getting life insurance in Connecticut (or any other State) has fallen much further down the pecking order in terms of the ways people spend their money.
In some ways this is understandable, because in a time of growing financial burdens it is not unreasonable to tighten our belts, or pay off expensive loans when we have the chance. But the fact remains that a death in the family can have totally catastrophic effects on the finances of your family, and so even if it isn’t a particularly sexy topic, it is nevertheless essential that you give the matter some serious consideration and make sure that you have adequate levels of life insurance cover.
What's The Answer?
Connecticut Life Insurance Quotes are very easy to get in this age of the internet, because there are now many opportunities to get life quotes from different insurance providers and compare which of them offers the best combination of value for money, and outstanding policy options.
Here are some of the reasons why you should urgently look into getting some Connecticut Life Insurance Quotes.
1/ Getting Life Insurance in Connecticut is probably cheaper than you think –
It is very easy to run away with the idea that simply because something sounds daunting and difficult that it actually is. Many of us have a rather old fashioned idea about what getting life insurance entails, and have images of stuffy men in suits and 50 page forms in the back of our minds as being representative of what we expect the experience of getting Connecticut Life Insurance to be like.
In reality things have moved on and are much more straightforward than you might imagine. You can generally fill in forms online in only a few minutes, and get life cover for far less than you would think. You also don't have to see any men in suits, unless you really want too!
2/ The Younger You Are The Cheaper It Is –
Also, as this is life insurance, it is intrinsically tied up with your age. So unlike auto insurance, where being young means that you will pay more. With getting life insurance in Connecticut the younger you are, the less you will pay. So it can really pay to get your skates on and get a Connecticut life insurance quote sooner rather than later!
3/ Your Family Are Depending On You –
You know that your family are depending on you to do the right thing, and that is equally true of insuring that they are taken care of when you aren’t around.
If you fail to get covered then you are walking a tightrope that could see your family in all kinds of problems if something happens to you. So make sure that you do what needs to be done, and sort out some Connecticut Life Insurance Quotes today to start to properly assess what is available.
Connecticut Life Insurance – The Details
In terms of the specifics of Connecticut Life Insurance you need to look at The State Insurance Code of Connecticut.
You can find them all in all their legalistic glory here:
This covers such matters as having readable language in insurance policy documentation, how insurance policies should be structured, and payment of interest on death benefits.
Connecticut Life Insurance Resources
The State of Connecticut Insurance Department
This State of Connecticut Insurance Department website is rather better than most such sites. It is quite logically laid out and offers advice about life insurance Connecticut wide to consumers, insurance professionals and Connecticut insurance companies.
If you live in Connecticut and are looking to get some insurance in the state then it is well worth having a quick look at the news page of the Connecticut Insurance Department. This offers advice about changes in insurance legislation in Connecticut, and also consumer warnings and facts that you should be aware of.
This is the regulatory contact for life insurance contracts in Connecticut. So it is a useful web address to know, just in case you want to contact someone about a clause in your life insurance policy that you don’t think should be there.