Presented by Tamala Francis,
Founder & CEO at Francis & Co.
Vision Insurance
​We all need to have a compelling vision of future that we aspire to, and then proceed with our day to day in order to make that future a reality. That’s how you live in the vision.
Chris Jacobson is the owner and founder of Vision Insurance Group. His podcast “Live in the Vision” carries the mission of discussing and teasing out themes that business owners, athletes and people use to improve their processes. Current circumstances may sometimes appear to run contrary to our goals, but we have to persist in living in the vision of our future.
Minnesota Life Insurance
Here are eight interesting facts about life insurance policies in Minnesota, including insights on how many people carry them and average policy values:
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1. High Coverage Rates
Approximately 54% of adults in Minnesota have some form of life insurance, which aligns with the national average. The level of coverage varies significantly based on age, income, and family responsibilities.
2. Average Policy Value
The average life insurance coverage amount in Minnesota is around $168,000 per policy. This can range from smaller term policies to more substantial whole life or universal life policies.
3. Employer-Provided Policies
A significant percentage of Minnesotans have life insurance through their employers as part of group benefits packages. However, these policies often provide limited coverage, typically equal to one to two times the employee’s annual salary.
4. Policy Ownership by Demographics
Young adults in Minnesota are increasingly purchasing life insurance policies, particularly affordable term policies. About 40% of Millennials in the state report owning life insurance, driven by concerns about financial security for dependents.
5. Rural vs. Urban Trends
Life insurance ownership trends differ between rural and urban areas in Minnesota. Urban residents are more likely to have policies due to access to financial advisors and employer-provided plans, while rural residents may rely more on independent policies.
6. Charitable Giving Riders
Some life insurance policies in Minnesota include charitable giving riders, which allocate a portion of the death benefit to a charity of the policyholder’s choice. This is a popular feature among residents interested in philanthropy.
7. Focus on Family Protection
Many Minnesotans prioritize life insurance for family protection, with policies often designed to cover college expenses, mortgage debt, and income replacement for dependents.
8. Increasing Interest in Final Expense Insurance
There’s a growing interest in final expense insurance among older Minnesotans. These policies, typically worth $10,000 to $25,000, are designed to cover funeral costs and other end-of-life expenses.
Life insurance ownership trends in Minnesota reflect broader national patterns, with many residents seeking policies to ensure financial stability and peace of mind for their families.