With Life Insurance Awareness Month now underway, it’s an opportune time to take stock of the industry’s progress in insuring middle class Americans. Progress there is, but much remains to be done.

That’s one conclusion to be drawn from a recap of a LIMRA report, released today on the America’s middle market. As defined by LIMRA, the space comprises consumers ages 25-64 with annual household incomes of $35,000 to $99,999.

The LIMRA study finds that fewer than half of middle market consumers (46 percent) own individual life insurance. Group life insurance coverage is higher: 6 in 10 Americans have group coverage. But as LIMRA points out, such coverage is generally lower than that of individual coverage.

LIMRA adds that 1 in 4 middle-market consumers have no life insurance. Additionally, most respondents would need to make a “drastic or significant financial change” in the event of a breadwinner’s passing.

“LIMRA’s research shows that people do not fully understand the risks they take by not having adequate life insurance coverage,” says Robert Kerzner, president and CEO of LIMRA, LOMA and LL Global.

LIMRA adds that half of middle-market consumers would prefer to buy life insurance in-person from a financial professional. And 6 in 10 consumers believe their advisor should represent a “respected brand.” “Our research revealed that half of middle market consumers are interested in learning how much life insurance coverage they need,” said Kerzner. “Efforts like Life Insurance Awareness Month can be a catalyst to start that important discussion.”