Think you know the ins and outs of life and health insurance? See if you know the answer to these true/false questions.
True or False: If a household breadwinner dies, 35% of Americans will feel it financially within 30 days.
- TRUE. More than one-third of all households in America reported they would feel the financial effects of the death of the primary wage earner within one month.
True or False: The majority of individuals who don’t currently have life insurance feel confident in the amount they would need to purchase.
- FALSE. Twenty percent of individuals without any life insurance reported needing guidance in terms of how much insurance his or her loved ones would need in the event of their death.
True or False: One-quarter of Americans report never having been approached by a professional about life insurance coverage options.
- TRUE. Approximately 25% of Americans report that they have never been approached by a life insurance agent or financial professional about their life insurance coverage needs. (Even scarier: this percentage increases to 43% with Millennials.)
True or False: The number of Americans opting to enroll in private healthcare plans is going down in recent decades.
- FALSE. The number of Americans choosing to enroll in private healthcare plans that contract into Medicare has increased from 12.8% in 2004 to 34% in 2017. This means that Americans are willing to pay extra more for a higher standard of care. The trend, according to the Medicare Trustees Report, will continue upwards.
True or False: A retiree in the United States with Medicare can expect to pay around $5,000 out of pocket for medical expenses a year.
- TRUE. According to Fidelity Investments, for those expenses covered by Medicare, only 80% of the bill is paid. There are many instances, though, where coverage is limited, such as with skilled nursing care.
Keeping a pulse on what is fact or fiction in life and health insurance is critical for successful insurance agents. Want to learn even more about life and health insurance? InternetCE is here to help with all your North Carolina insurance continuing education needs.