By Paul Wilson
Life Insurance Awareness Month always serves as a good reminder to get back to the basics. I recently came across some highlights from LIMRA International’s Life Insurance Ownership study, which highlights many of the concerns that often hinder Americans from making this important purchase.
The survey of household financial decision-makers found that those who feel they are underinsured have many reasons for not purchasing the additional life insurance that could prove so important to them and their family.
Eighty percent said they find it difficult to decide how much and what type of insurance to buy and are worried they’ll make the wrong decision. Even more telling, 65 percent don’t know who to turn to for help. These are really high numbers, and as disturbing as they sound, they also present a huge opportunity. These people aren’t saying they aren’t interested, they’re saying “help!”
The study also found that 75 percent of respondents believe they can’t afford the premium, while more than 65 percent admit they simply haven’t made the time necessary to do the research.
Clearly, there is huge potential here. As always, LIMRA provides great perspective in the midst of these tough economic times. A large number of Americans out there know they need life insurance, they just need a little push.