CHICAGO--(BUSINESS WIRE)-- Many Americans are risking their future by going without life insurance coverage. In fact, the Life and Health Insurance Foundation For Education (LIFE) reports that one-third of adults in the United States carry no life insurance at all. Of this group, more than one in four men and almost one in three women currently have no coverage.

"The old school of thought is that life insurance is only needed by primary breadwinners, married couples and those with dangerous jobs," said Scott Perry, president of Bankers Life and Casualty Company, a national health and life insurer. "These misconceptions coupled with general confusion about life insurance plans have prevented many from further investigating the options available to them."

The Insurance Information Institute provides the following tips which can serve as a guide for choosing the appropriate coverage:

You should consider term life insurance if:

• You need life insurance for a specific period of time. For example, if you have young children, you may want to ensure that there will be funds to pay for their college education. In this case, 20-year term life insurance would be a good choice.
• You need a large amount of life insurance, but you have a limited budget. In general, this type of insurance pays only if you die during the term of the policy, so if you are still alive at the end of the term, coverage stops unless the policy is renewed.

You should consider convertible term insurance if:

• You think your financial needs may change. These policies allow you to convert to permanent insurance without a medical examination in exchange for higher premiums.

You should consider permanent life insurance if:

• You need life insurance for as long as you live. A permanent policy pays a death benefit whether you die tomorrow or live to be 121.
• You want to accumulate savings that will grow on a tax-deferred basis and could be a source of borrowed funds for a variety of purposes.

For more information, visit www.bankers.com.





Bankers Life and Casualty Company

Barbara Ciesemier

Senior Director of Corporate Communications

312-396-7461

Source: Bankers Life and Casualty Company