Life Insurance Facts For Life Insurance Leaders

April 7, 2014 by N/A

Following are some reminders of life insurance facts that will both challenge and reassure industry leaders as they gather in Chicago for the annual Life Insurance Conference. The numbers come from a fact sheet published by LIMRA for the 2013 Life Insurance Awareness Month in September.

• Thirty percent of U.S. households have no life insurance at all; only 44 percent have individual life insurance.
• Fifty percent of U.S. households (58 million) say they need more life insurance.
• The average amount of coverage for U.S. adults has declined to $167,000, which is down $30,000 from the average coverage in 2004.
• While 4 in 10 households with children under 18 now include a mother who is either the sole or primary earner for her family, among women who have life insurance, their coverage is only 69 percent of the average coverage on men.
• More than half of consumers say “everyday expenses” such as energy costs, food, clothing and transportation limit their ability to save for financial goals.
• Less than 40 percent of consumers named concerns that life insurance traditionally addresses (such as premature death, funeral expenses and leaving an inheritance) as a top priority.
• Among consumers who believe they need life insurance, 86 percent say they haven’t bought it because they think it is too expensive.
• Middle-income consumers are more concerned with reducing debt and having more money for retirement than other income groups
• While face-to-face is still the most preferred method for buying life insurance, 86 percent of consumers say they would use the Internet to research life insurance before purchasing.
• Only 16 percent of consumers would prefer to buy insurance completely online.

Originally Posted at InsuranceNewsNet on April 6, 2014 by N/A.