I did some research back in June about the Gross Federal Debt amount of debt carried by Americans.

I compared the year 2005 to the year 1940.

In 1940 the Gross Federal Debt - U.S. debt was $ 50,696 million ($51 billion). in 2005 the Gross Federal Debt is estimated at $6,118,364 million ($6.2 trillion)

1940 - $50,696 million U.S. Debt
2005 - $$6,118,364 million ($6.2 trillion) US Debt
12,000% increase in debt. in 65 years

SEE: THE US - NATIONAL DEBT FAQs

1940 U.S. Population - 130,962,661
2005 U.S. Population - 296,383,219
That's a 226% increase in population in 65 years

Recap:
12,000% increase in debt
226% increase in population

The point is that per the question below your debt doesn't die when you do. Your estate has to settle your debt.

As the US and Canadian consumer debt is at all time records, it's important for you to have enough term life insurance coverage so that your family and loved ones don't have to pay for your debt many years after you've passed away.

KEEP YOUR AMOROUS DISCUSSION - AMOROUS
Traditionally people say to their spouse in a joking manner , "If I die, you'll get a $500,000 from my life insurance policy. You'll be set for life." It's a humorous joke that you can use to kid around with your spouse when you're having some amorous discussions.

The reality is that today, with people owing so much in debt, that $500,000 that you receive from the life insurance company as a death benefit could easily be spent clearing up mortgages, credit card debt, lines of credit etc.

TAKE BAD SCENARIOS OUT OF YOUR FAMILY DISCUSSION
I would hate for the amorous discussion to end with "If you die, I'll be saddled with $500,000 in debt and no way to pay it. I'll remember you for the rest of my life as I'm struggling to pay off these debts" (Grim commentary)

If you've got alot of debt, you need to consider alot of term life insurance.

Articles from November 2006
More articles from Year 2006

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