From Time:

Nearly half of Americans expect to outlive their debt, passing it on to their loved ones after death, per a new survey. Nearly 50% believe they would pass on debt to their loved ones if they died today, often exacerbated by growing credit card debt and student loans.

Wealthier Americans are more likely to expect to pass on debt, according to the survey. Despite these concerns, a surprising number of people who worry about burdening others with their financial obligations have not purchased life insurance policies.

If you believe you may pass on debt to others, a life insurance policy could potentially help lessen the burden for your beneficiaries. Prices typically hover around $30 per month for term life insurance or about $517 for a whole life insurance policy. Almost one quarter of those expecting to pass debt don’t hold a policy.



Read more: Debt After Death? 46% of Americans It