According to the 2019 Insurance Barometer Study, almost 6 in 10 American consumers own some type of life insurance. The primary drivers behind their purchase are to cover final expenses, replace the income of a wage earner and to leave an inheritance.
Unfortunately this still leaves a large chunk of consumers without life insurance coverage. The top reason consumers give for not purchasing life insurance is that it is too expensive. However results from the Barometer Study show that consumers tend to overestimate the cost of life insurance – especially Millennials. In fact, 4 in 10 Millennials estimated the cost of a $250,000 term life policy for a healthy 30-year-old at $1,000 a year or more when in actuality the average cost is only $160 per year.
In the latest episode of LIMRA Unplugged Lite, LIMRA reached out to executives at our member companies to get their perspectives on the importance of life insurance. Eileen McDonnell, Chairman and Chief Executive Officer at Penn Mutual, Jill McGruder, Senior Vice President & Chief Marketing Officer at Western & Southern Financial Group, and Adam Winslow, Interim Chief Executive Officer, Life Insurance at AIG answer important questions like why life insurance is important, who needs life insurance, the risks of not having it, and explain common misperceptions of life insurance.
September Is Life Insurance Awareness Month
In support of Life Insurance Awareness Month, LIMRA compiled facts, infographics, videos and other resources in one place to help our members and the media as they cover this important campaign. To view these resources, please visit our LIAM page.