This month LIMRA is celebrating its 10th Life Insurance Awareness Month to raise awareness of the importance of life insurance among consumers and producers. Every September LIMRA releases a fact sheet on American life insurance statistics and reasons why people do and do not buy life insurance. We believe that this research is important, so we’ve made a list of facts from LIMRA that you should know.
Fifty percent of American households, 58 million, believe that they need more life insurance coverage. Whether they already have a policy or not, half of the households in the nation recognize that they do not have enough coverage. It’s our job at National Agents Alliance to try to get those families the coverage they need at a price that they can afford.
Of the people who believe they need life insurance, 86% say they haven’t gotten a policy because they believe it’s too expensive. Americans believe that life insurance costs three times as much as it actually does. These are great facts to pull out when you’re on the phone with a possible client who is concerned about the cost of insurance. You can assure your client that insurance doesn’t cost as much as they think it does and that there are plans available for all different budget sizes.
One fourth of shoppers said they had not considered life insurance until a producer initiated the conversation. There are a lot of people who know little to nothing about life insurance, and would not even think about it if someone didn’t explain to them the importance of getting coverage. Make sure you talk to everyone you know about life insurance; many people would be more willing to buy life insurance if someone would just tell them what it is and why they need it.
Sixty seven percent of those surveyed on financial issues said that “money for a comfortable retirement” was their top concern. Because this is such a big concern for people, it gives you the opportunity to make customers aware of how annuities and indexed universal life insurance can help them during their retirement years.
Hopefully these facts will remind you that there is a great need for life insurance coverage in this country and that you have the opportunity to help real families. People need your help and National Agents Alliance has given you all of the tools you need to protect these families. So get out there, have fun, make money, and make a difference!