Life Happens and LIMRA just released the results of the 2015 Insurance Barometer Study, and here are some of the findings:
-Cost is the reason most Americans give for not owning life insurance, BUT 80% of consumers misjudge the price for term life insurance
-Millenials overestimate the cost by 213% and Gen Xers by 119%
-30% of Americans believe they need more life insurance and more than 2 in 5 say they would feel a financial impact within 6 months if the primary wage-earner were to die
“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is,” says Marvin Feldman, CLU, ChFC, RFC, President and CEO of Life Happens. “We need to help educate the public about how affordable life insurance can be.”
Plus: Most Americans continue to put other financial priorities ahead of purchasing life insurance:
-29% of Millennials cited saving for vacation over purchasing life insurance
-23% Gen Xers prioritize paying for recreational activities such as going out to eat, movies or shopping instead of life insurance
-49% of those 65 and older opt for paying for expenses such as Internet, cable and cell phones over life insurance
For a great infographic, “The True Cost of Life Insurance,” based on the study, click here.
If you’d like a copy of the 2015 Insurance Barometer Study with more insights on what consumers are thinking click here.
Questions? Contact Nick@agent-link.net