According to industry experts, 95 million Americans do not have life insurance, and those who do have coverage do not have enough.
This month, mark the 11th anniversary of Life Insurance Awareness Month by reviewing or purchasing a new policy. Life insurance has been providing protection for over 200 years, but here are the facts from LIMRA:
- Individual life insurance is held by less than half of middle-market consumers aged 25 to 64.
- Almost 70% of consumers say the cost of living is preventing them from purchasing additional insurance.
- Most consumers want to learn about the best options from industry financial experts.
- The most common reason for not purchasing is that the price is prohibitively expensive.
Most customers are concerned with getting their money’s worth, and surveys show that they still prefer to buy life insurance in person. One in every four people under the age of 45 purchased insurance online.
Finally, an insurance adviser who can reach out to consumers and assist them with their specific needs is critical in determining the best policy. Everyone’s circumstances are unique, and a financial adviser can assist in educating people about the various policies available. The majority of customers want a dependable agent.
As the football season begins and many Americans plan football parties, now is the time to start thinking about your and your family’s future by learning about life insurance and the benefits of purchasing a policy.
It is the one foundation of financial planning that is frequently overlooked, and even with the recent economic strain, we all have to start somewhere.
If you do have a policy, make sure it is sufficient to cover any recent life changes.