What we know about life insurance changes every year. Policies are redefined, premiums change, and quite frequently, people start to change their opinions on the matter. Below are some interesting statistics gathered about the industry and what people think of life insurance in 2017. Let your clients know about these statistics and educate them on what life insurance means and can do for them.
84% of Americans would agree most people need life insurance, yet when asked, only 70% said they needed any.
Why is it that most Americans agree that life insurance is needed, but they themselves don’t have a policy? When someone else’s needs are gauged versus their own, there seems to be an opposing view. Experts have mentioned that this could be due to the fact that financial education and responsibility is lacking in communities. Better clarify with your clients on how life insurance can actually benefit a persons financial situation.
34% of people who have had life insurance for so long, don’t even remember why they got it in the first place.
This is a common opinion about life insurance in 2017. Agents, this falls on you. You should be doing an annual review of their policy. The consumer should also be doing it themselves, but they may have purchased it as a “set it and forget it” structured policy. If you sit down every year to evaluate whether the plan is accumulating what you believe is needed, you can see the benefits that the policy can reap.
66% say life insurance in 2017 is just too expensive for them.
This opinion is largely in part that most believe other financial priorities take higher precedence or they believe they have as much as they need right now. What people don’t realize is that they can find a policy that is affordable to them now and then steadily increase the amount as they see fit. Some plans are as low as $40 a month.
50% of Millennials say they have never been approached by an agent to buy life insurance.
Most agents believe that millennials will turn them down pretty quickly because they are used to working with an older crowd. But it’s important to note that life insurance is cheaper the younger you are. If something were to happen suddenly, a life insurance policy will help lift the financial burden on their family. It will pay for the funeral and any other dues, such as college loans.
Overall, the largest confusion of a life insurance policy is the financial burden. People know they need it and it’s important. Most people don’t want to pay for it or believe it’s too expensive. And some, like millennials, are never approached about it to fully understand the benefits. Luckily, we’ve got great agents like you here at Empower Brokerage to shed the light. Educate your clients and let them know of all the benefits life insurance can provide for them and their family.
If you have any questions, please call us toll-free (888) 539-1633.