Every September, Financial Professionals focus on talking to consumers about their need for life insurance; we celebrate Life Insurance Awareness Month, or LIAM. LIAM was created by the non-profit organization, LIFE FOUNDATION in response to growing concerns about the numerous residents of the United States, who lacked life insurance protection.
As we approach the mid-way point through our month-long celebration, I thought that I would share some statistics with you:
28% of wives, and 15% of husbands have no life insurance at all.
1 of every 4 married parents haven't purchased life insurance because no on has contacted them. 43% of married couples with children say that they are likely to purchase life insurance next year..
22% of families with children admit that they will have immediate trouble with everyday living expenses. Husbands carry enough coverage for a little more than 4 years.
The average life policy on a husband is $235, 600; just under $150,000 for wives.
56% of married people feel that they have adequate coverage.
40% of married parents would like to discuss speak to a professional about the various life products. Most parents have no trusted adviser.
Insured adults are more likely to to group insurance at work; they carry the smallest amounts of life insurance coverage.
Over the 20 or so years, the life insurance industry has seen annual declines. The only increase of new policies sold was shortly after September 11. What does this mean? The facts are clear that American want professional help with their life insurance needs, but don't get it, or afraid to ask.
YOU CAN HELP! When meeting with a prospective buyer or seller, recommend that they owe it to themselves to sit down with a professional to discuss their need. Recommend your advisor. I would hate to see that person lose their home if a wage earner than they depend on suddenly wasn't there.
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