Whether residents are looking to start a mid-career business venture or take care of their families after they‚Äôre gone, Hartford ranks among the best cities to do so — according to two new studies measuring median income of new businesses started by baby boomers and the states that have the most life insurance.
Hartford ranked 6th in the nation as one of the ‚Äútop places for baby boomer entrepreneurs‚ÄĚ according to a study by lendingtree.com.
Connecticut is one of the ‚Äúfive states most financially prepared for death,‚ÄĚ according to a study by the life insurer, TermLife2Go.
In Hartford, 17.4 percent of new business founders are baby boomers ‚ÄĒ people born between the years of 1946 and 1964. The ratio is a ‚Äútad‚ÄĚ bit lower than the national rate of 18 percent, but with an ‚Äúimpressive‚ÄĚ average annual income of about $39,000, businesses in the hands of baby boomers fare well, according to the study.
With more chance of earning a higher income, residents are more likely to be putting some of those earnings towards life insurance, according to a study by the life insurer, TermLife2Go. While the two studies were unrelated and there is no direct correlation found between high-earning baby boomers and higher rates of purchasing life insurance, the study found that residents in states with higher average incomes do tend to invest more in life insurance.
Collectively, almost more than any other state. Connecticut residents are among the most life insured residents in the nation with $154,045 worth of life insurance coverage per capita, the state comes in 4th on a national list. D.C., Delaware and New Jersey finished at the top of the list.
Surveyors added up the dollar value of life insurance death benefits across each state and divided that number by the state‚Äôs population to get the per capita dollar amount used for the rankings.
Not everyone. As expected, those with more disposable income are more likely to purchase life insurance. But people making less than $50,000 per year are less likely to consider life insurance, regardless of the state they live in. People in the economic bracket are ‚Äúfar more worried about monthly bills and their mortgage or rent than people with higher incomes,‚ÄĚ according to the study.