ST. CROIX INSIGHTS
Yes, I have life insurance, but that’s not the right question. Do I have enough life insurance? How does one know?
For many families, life insurance is one of the most overlooked and misunderstood pieces of a financial plan. Nearly half of Americans admit they either don’t have life insurance or don’t have enough, leaving millions of families vulnerable if something unexpected happens. It’s a hard reality we don’t want to confront, but we are all going to die. It’s not something we want to discuss. We know it’s a reality, but we also assume it’s so far down the road that it’s not critical to talk about today. But should we? Yes, we should.
According to the 2025 LIMRA Insurance Barometer Study, 74 million Americans need life insurance, and another 25 million need more coverage than they currently have. While 51 percent of adults report owning some type of life insurance, the reality is that far too many households remain underprotected.
The Gender Gap in Coverage
When it comes to life insurance, women are consistently less protected than men. Only 48 percent of women report having coverage, compared to 54 percent of men—a gap that has persisted for more than 15 years.
This gap matters.
Historically, men were the financial providers and decision-makers in a household while women kept the home and raised children—the “Leave it to Beaver” model of family life. Today, women are still often the primary caregivers, but they also contribute significantly to household income and play key roles in managing family finances. Yet, 43 percent of women say they need or need more life insurance, representing over 52 million women whose families could be at financial risk.
Women’s Financial Concerns
Life insurance is about more than replacing income—it’s about protecting the people who depend on you. The Barometer study shows that women carry significant financial concerns:
- 62% worry about having enough money for retirement.
- 59% worry about saving for emergencies.
- 52% worry about supporting themselves if unable to work due to injury or illness.
- 42% worry about leaving dependents in a difficult financial situation if they were to die prematurely.
Despite these concerns, fewer than 1 in 4 women feel knowledgeable about life insurance. Many overestimate the cost by three to five times, assume the process is complicated, or simply put it off.
Why Life Insurance Matters
Life insurance isn’t really about money—it’s about love. It’s about making sure that the people who mean the most to you are taken care of, no matter what happens. It’s truly the last “I love you” message you get to leave your family. It’s providing them options, even though you are gone.
The right policy can help your family:
- Keep their home and maintain the life you’ve built together. A paid-off home provides peace of mind.
- Continue pursuing dreams like education or starting a business.
- Care for loved ones who depend on you, whether that’s children, a spouse, or aging parents.
- Find stability and breathing room during a time of grief, without the added weight of financial stress.
- Funding for lost income. Many times, the surviving spouse can’t replace or earn the same level of income that was lost. This is the biggest reason I see for life insurance, and the most overlooked and underestimated.
At its core, life insurance is about peace of mind, providing choices and options—knowing that, no matter what tomorrow brings, your family’s future is safeguarded.
Common Reasons for Delay
Many people cite cost as the biggest barrier—yet the truth is, life insurance is often more affordable than people think. When asked to guess what the premium of a $250,000 20-year, level term policy would be for themselves, healthy adults in the 31–35 age range overestimated the median cost about 5–8 times more than its true cost.
Other reasons include competing financial priorities, uncertainty about how much coverage they need, and simply not knowing where to start.
But here’s the reality: waiting only makes coverage more expensive and, in some cases, harder to qualify for.
Taking the Next Step
Many people begin their research online, but when it comes to making a decision as important as life insurance, guidance from a licensed professional can make all the difference. If you’ve ever wondered, “Do I have enough life insurance?” you’re already taking the first step toward protecting your family.
Learn more: How much life insurance do I need?
It’s about making life insurance a natural part of your overall financial plan—aligned with your goals and the choices you want your family to have if the unexpected happens. As a Certified Financial Planner and licensed agent, I can help you review your current coverage, uncover any gaps, and design a plan that balances protection with affordability. Together, we can create the security and peace of mind your loved ones deserve, no matter what the future holds.
For many families, life insurance is one of the most overlooked and misunderstood pieces of a financial plan. Nearly half of Americans admit they either don’t have life insurance or don’t have enough, leaving millions of families vulnerable if something unexpected happens. It’s a hard reality we don’t want to confront, but we are all going to die. It’s not something we want to discuss. We know it’s a reality, but we also assume it’s so far down the road that it’s not critical to talk about today. But should we? Yes, we should.
According to the 2025 LIMRA Insurance Barometer Study, 74 million Americans need life insurance, and another 25 million need more coverage than they currently have. While 51 percent of adults report owning some type of life insurance, the reality is that far too many households remain underprotected.
The Gender Gap in Coverage
When it comes to life insurance, women are consistently less protected than men. Only 48 percent of women report having coverage, compared to 54 percent of men—a gap that has persisted for more than 15 years.
This gap matters.
Historically, men were the financial providers and decision-makers in a household while women kept the home and raised children—the “Leave it to Beaver” model of family life. Today, women are still often the primary caregivers, but they also contribute significantly to household income and play key roles in managing family finances. Yet, 43 percent of women say they need or need more life insurance, representing over 52 million women whose families could be at financial risk.
Women’s Financial Concerns
Life insurance is about more than replacing income—it’s about protecting the people who depend on you. The Barometer study shows that women carry significant financial concerns:
- 62% worry about having enough money for retirement.
- 59% worry about saving for emergencies.
- 52% worry about supporting themselves if unable to work due to injury or illness.
- 42% worry about leaving dependents in a difficult financial situation if they were to die prematurely.
Despite these concerns, fewer than 1 in 4 women feel knowledgeable about life insurance. Many overestimate the cost by three to five times, assume the process is complicated, or simply put it off.
Why Life Insurance Matters
Life insurance isn’t really about money—it’s about love. It’s about making sure that the people who mean the most to you are taken care of, no matter what happens. It’s truly the last “I love you” message you get to leave your family. It’s providing them options, even though you are gone.
The right policy can help your family:
- Keep their home and maintain the life you’ve built together. A paid-off home provides peace of mind.
- Continue pursuing dreams like education or starting a business.
- Care for loved ones who depend on you, whether that’s children, a spouse, or aging parents.
- Find stability and breathing room during a time of grief, without the added weight of financial stress.
- Funding for lost income. Many times, the surviving spouse can’t replace or earn the same level of income that was lost. This is the biggest reason I see for life insurance, and the most overlooked and underestimated.
At its core, life insurance is about peace of mind, providing choices and options—knowing that, no matter what tomorrow brings, your family’s future is safeguarded.
Common Reasons for Delay
Many people cite cost as the biggest barrier—yet the truth is, life insurance is often more affordable than people think. When asked to guess what the premium of a $250,000 20-year, level term policy would be for themselves, healthy adults in the 31–35 age range overestimated the median cost about 5–8 times more than its true cost.
Other reasons include competing financial priorities, uncertainty about how much coverage they need, and simply not knowing where to start.
But here’s the reality: waiting only makes coverage more expensive and, in some cases, harder to qualify for.
Taking the Next Step
Many people begin their research online, but when it comes to making a decision as important as life insurance, guidance from a licensed professional can make all the difference. If you’ve ever wondered, “Do I have enough life insurance?” you’re already taking the first step toward protecting your family.
Learn more: How much life insurance do I need?
It’s about making life insurance a natural part of your overall financial plan—aligned with your goals and the choices you want your family to have if the unexpected happens. As a Certified Financial Planner and licensed agent, I can help you review your current coverage, uncover any gaps, and design a plan that balances protection with affordability. Together, we can create the security and peace of mind your loved ones deserve, no matter what the future holds.