Life Insurance Coverage Declining Despite Americans Recognizing Need

LIFE INSURANCE COVERAGE DECLINING DESPITE AMERICANS RECOGNIZING NEED Lifelnsurance Rates.com Life insurance plays a critical role following the death of a loved one to help pay for funeral expenses or living expenses. Ownership of life insurance in America has been declining severely over the last few decades. - DESPITE THE FACT THAT 7 IN 10 HOUSEHOLDS ARE DUAL-INCOME HOUSEHOLDS, AND NEARLY 1/3 OF WIVES OWN NO LIFE INSURANCE n00 30% OF WIVES EARN MORE THAN THEIR HUSBANDS. 40% OF ADULT AMERICANS HAVE NO LIFE INSURANCE WHATSOEVER 58% OF AMERICANS BELIEVE THEY NEED MORE LIFE INSURANCE LIFE INSURANCE TENDS TO FALL BEHIND OTHER FINANCIAL PRIORITIES. The top financial concern for naIT of consumers is having enough money for a comfortable retirement. The financial complications that arise from a lack of coverage in the event of something unfortunate and untimely occurring should be plenty of motivation to make adequate life insurance coverage a top priority! The top two reasons people don't buy life insurance: competing financial priorities or because they think they cannot afford it. C45% adults polled feel that life insurance "costs too much." A recent LIMRA/LIFE study found that consumers overestimate the cost of life 300% insurance by as much as Almost 1/3 of consumers are more worried about paying their mortgage or rent than anything else. 31% say they are extremely or very concerned. Consumers' lack of knowledge about life insurance is keeping some shoppers from buying: 12% of consumers could not decide what type or how much to buy. 10% were afraid to make the wrong decision. 8% did not know enough about life insurance. WHAT MOTIVATES PEOPLE TO SHOP FOR LIFE INSURANCE? life insurance shoppers said a friend or family member recommended a sales rep or 12% financial advisor, prompting them to shop for life insurance. life insurance shoppers said life 25% 41% events - getting married, having or adopting a child, or buying a home – prompted them to shop life insurance shoppers looked for life insurance. at buying life insurance because 25% they thought they might need more and wanted to review their coverage. life insurance shoppers considered life insurance because their financial advisor or sales rep initiated contact or suggested the need for life insurance. THE VALUE OF LIFE INSURANCE Studies of widows and widowers 25% whose spouse died prematurely (between the ages of 30 and 55) show that less than 25% felt their spouse had adequate life insurance. Of the households with children under 18, 40% 30% say they would have trouble more say they would have trouble paying the bills after a few months if the paying living expenses immediately if the primary breadwinner died. primary breadwinner died ADEQUATE LIFE INSURANCE COVERAGE FOR THESE FAMILIES IS CRITICAL. 8 in 10 consumers who have had a positive experience with life insurance say the life insurance industry plays a critical role following the death of a loved one. Nearly 2/3 of all Americans feel life insurance gives people peace of mind. AMERICANS DO RECOGNIZE THE VALUE OF LIFE INSURANCE. DESPITE SO MANY PEOPLE HAVING LITTLE OR NO LIFE INSURANCE COVERAGE, WHEN ASKED, MOST AMERICANS WILL TELL YOU HOW IMPORTANT LIFE INSURANCE IS. feel that life insurance is a necessity and that all people should have it. 70% 62% With coverage available for less than $1 a day, it makes sense to be insured. LifelnsuranceRates.com can help you make sense of life insurance and help you get the coverage you and your family need LifelnsuranceRates.com Source: http://www.lifehealthpro.com/2012/09/10/many-americans-misinformed-about-the-cost-of-life Source: http://www.jdpower.com/content/detail.htm?jdpaArticleld=346 Source; http://articles.moneycentral.msn.com/Insurance/article.aspx?post3D1798693 Source: http://www.limra.com/Posts/PR/LIAM/PDF/2012_Facts_ of_Life_pdf.aspx Image Source: "Happy Senior Couple" by stockimages / www.freedigitalphotos.net "Man Emptying His Pocket" by David Castillo Dominici / www.freedigitalphotos.net "Silhouette Of A Man " by markuso / www.freedigitalphotos.net LIFE INSURANCE COVERAGE DECLINING DESPITE AMERICANS RECOGNIZING NEED Lifelnsurance Rates.com Life insurance plays a critical role following the death of a loved one to help pay for funeral expenses or living expenses. Ownership of life insurance in America has been declining severely over the last few decades. - DESPITE THE FACT THAT 7 IN 10 HOUSEHOLDS ARE DUAL-INCOME HOUSEHOLDS, AND NEARLY 1/3 OF WIVES OWN NO LIFE INSURANCE n00 30% OF WIVES EARN MORE THAN THEIR HUSBANDS. 40% OF ADULT AMERICANS HAVE NO LIFE INSURANCE WHATSOEVER 58% OF AMERICANS BELIEVE THEY NEED MORE LIFE INSURANCE LIFE INSURANCE TENDS TO FALL BEHIND OTHER FINANCIAL PRIORITIES. The top financial concern for naIT of consumers is having enough money for a comfortable retirement. The financial complications that arise from a lack of coverage in the event of something unfortunate and untimely occurring should be plenty of motivation to make adequate life insurance coverage a top priority! The top two reasons people don't buy life insurance: competing financial priorities or because they think they cannot afford it. C45% adults polled feel that life insurance "costs too much." A recent LIMRA/LIFE study found that consumers overestimate the cost of life 300% insurance by as much as Almost 1/3 of consumers are more worried about paying their mortgage or rent than anything else. 31% say they are extremely or very concerned. Consumers' lack of knowledge about life insurance is keeping some shoppers from buying: 12% of consumers could not decide what type or how much to buy. 10% were afraid to make the wrong decision. 8% did not know enough about life insurance. WHAT MOTIVATES PEOPLE TO SHOP FOR LIFE INSURANCE? life insurance shoppers said a friend or family member recommended a sales rep or 12% financial advisor, prompting them to shop for life insurance. life insurance shoppers said life 25% 41% events - getting married, having or adopting a child, or buying a home – prompted them to shop life insurance shoppers looked for life insurance. at buying life insurance because 25% they thought they might need more and wanted to review their coverage. life insurance shoppers considered life insurance because their financial advisor or sales rep initiated contact or suggested the need for life insurance. THE VALUE OF LIFE INSURANCE Studies of widows and widowers 25% whose spouse died prematurely (between the ages of 30 and 55) show that less than 25% felt their spouse had adequate life insurance. Of the households with children under 18, 40% 30% say they would have trouble more say they would have trouble paying the bills after a few months if the paying living expenses immediately if the primary breadwinner died. primary breadwinner died ADEQUATE LIFE INSURANCE COVERAGE FOR THESE FAMILIES IS CRITICAL. 8 in 10 consumers who have had a positive experience with life insurance say the life insurance industry plays a critical role following the death of a loved one. Nearly 2/3 of all Americans feel life insurance gives people peace of mind. AMERICANS DO RECOGNIZE THE VALUE OF LIFE INSURANCE. DESPITE SO MANY PEOPLE HAVING LITTLE OR NO LIFE INSURANCE COVERAGE, WHEN ASKED, MOST AMERICANS WILL TELL YOU HOW IMPORTANT LIFE INSURANCE IS. feel that life insurance is a necessity and that all people should have it. 70% 62% With coverage available for less than $1 a day, it makes sense to be insured. LifelnsuranceRates.com can help you make sense of life insurance and help you get the coverage you and your family need LifelnsuranceRates.com Source: http://www.lifehealthpro.com/2012/09/10/many-americans-misinformed-about-the-cost-of-life Source: http://www.jdpower.com/content/detail.htm?jdpaArticleld=346 Source; http://articles.moneycentral.msn.com/Insurance/article.aspx?post3D1798693 Source: http://www.limra.com/Posts/PR/LIAM/PDF/2012_Facts_ of_Life_pdf.aspx Image Source: "Happy Senior Couple" by stockimages / www.freedigitalphotos.net "Man Emptying His Pocket" by David Castillo Dominici / www.freedigitalphotos.net "Silhouette Of A Man " by markuso / www.freedigitalphotos.net