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According to a new survey by Nationwide Financial, 98 percent of consumers who are married, partnered, or have dependents lack enough life insurance coverage to replace their income. The average consumer surveyed will earn approximately $1.5 million before retiring and currently holds about $300,000 in life insurance coverage, leaving a gap of about $1.2 million, Nationwide said.

“Too many Americans make the mistake of assuming that simply providing what may appear to be a large lump sum of money for their beneficiaries will be enough to protect them,” said Eric Henderson, senior vice president of life insurance and annuities for Nationwide Financial. “Instead, they should think about how much of their income the insurance money will replace. If it doesn’t replace a high percentage of it, their family faces the risk of financial disruption or a reduced standard of living. It’s simple math, and it doesn’t add up for 49 out of 50 of those we surveyed.”

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