Industry leader, LIMRA, found in its 2016 Trends in Life Insurance Ownership study that 48% of households (60 million) have an average life insurance coverage gap of $200,000, which amounts to more than $12 trillion in total market need. In that same story, Robert Kerzner, President and CEO for LIMRA, LOMA and LL Global said, “37 million American families are completely uninsured and at financial risk if the primary wage earner dies unexpectedly.”
More than 7 in 10 American households say a reason they have not bought more life insurance is because they have other financial priorities right now. Nearly two thirds say they cannot afford it.
Unfortunately, that is a common misconception among the general population.
This month Dynamic Insurance Services will be focusing on Senior outreach to open awareness to the affordable side of life insurance.