Nearly 40 percent of adults don’t have life insurance, according to a new survey from industry website InsuranceQuotes.com .
Of those who do, roughly 60 percent appear to not have adequate coverage.
Life insurance is generally intended to help spouses and children maintain their standard of living in the event that one spouse dies.
The survey of 2,000 U.S. adults says roughly 45 percent of those without life insurance responded that they don’t have it due to cost.
Of those that do have life insurance, more than two-thirds said they pay less than $100 a month and nearly half pay less than $50 a month.
The most common level of coverage was between $25,000 and $100,000. Seventy-three percent reported having less than $250,000 in coverage.
— Heidi Hagemeier, The Bulletin