Pursuing Life Insurance With Facts and Purpose

Most Americans understand the importance of life insurance for piece of mind and financial security, yet most either don’t have enough or none at all. Why is this? Many have even done the comparative research and have weighed the pros and cons and still have yet to make the move. Some have cited overall price or competing financial necessities as their reasons for not having a plan in place. In actuality, life insurance is very reasonable but can only be of real value if it is given time to mature. Let’s delve into some of the misconceptions about life insurance and see how this can be a perfect fit for all lifestyles.

An Uninsured America

Insurance by the numbers. Where do you rank?

-86% (9 in 10) of American consumers agree that life insurance is an important part of their financial portfolio, yet only 3 out of 5 actually own a policy (individual or group).

-Among the uninsured, 73% admit they know they need life insurance, with 62% indicating they would be financially strapped immediately if the primary breadwinner passed away unexpectedly.

-Amongst Millennials, 77% say they have recommended or are likely to recommend owning life insurance.

-More than 37 million families are uninsured or underinsured, adding up to approximately $15.3 trillion in life insurance needs going unmet.

Tracking Consumer Reasoning by the Numbers

Below are the top 10 reasons U.S. consumers provided for their uninsured or underinsured status:

1. 64% are unaware of actual cost, believing it’s 3 times more expensive than it really is
2. 59% have other, more pressing financial responsibilites
3. 57% feel they have as much as they need
4. 43% don’t feel there’s any need for life insurance
5. 40% are confused as to how much or what type best fits their needs
6. 38% don’t trust insurance companies
7. 35% haven’t found the time
8. 34% don’t like thinking about mortality
9. 28% haven’t been approached about it
10. 27% believe they wouldn’t qualify

Staying Connected

Despite the virtual connections we make today, 51% of polled U.S. consumers prefer face-to-face interaction when considering their life insurance options.

-Three out of four indicate they would rather meet in person to gain prompt answers to their list of questions.

-51% of Millennials say they would be willing to participate in wearing activity trackers, 21% more than older generations. The number one reason for considering this – building a long-term relationship with their insurance company.

Consumers’ Chief Financial Concerns

Regardless of age or financial status, most American consumers share the same short and long-term concerns.

-66% cite having enough money for a secure retirement as being their chief concern.

-Having enough to pay for long-term care and medical expenses share the spot for second place, coming in at 58%.

-Over 25% of polled consumers showed interest in purchasing a policy that combined both long-term care and life insurance. Yet, less than 1 in 5 have actually followed through on such an investment.

As you have hopefully seen, weighing the pros and cons tips the scale towards a “yes” every time. The potential pitfalls from not having a financial safety net are too numerous and can often become compounding in times of tragedy. Talk to an agent today and set your financial future in motion today.