081121 2021 Insurance Barometer Study, April 2021...

Life Insurance Is on People’s Minds

The 2021 Insurance Barometer Study, by Life Happens and LIMRA, shows that while myths around life insurance persist, COVID-19 has shown people that they have a clear need for life insurance, with the industry making it easier than ever before to obtain coverage. In fact, 31% of consumers said they are more likely to buy life insurance because of the pandemic.

There is a heightened awareness of the need for life insurance

59% who don’t own life insurance say they need it
31% say they’re more likely to buy life insurance because of the pandemic
48% of Millennials say they plan to buy coverage in the next year
42% of Americans would face financial hardship within 6 months if the primary wage-earner were to die unexpectedly

Awareness has led some to take action with 13% of consumers saying they purchased life insurance for the first time in 2020.

Myth-Busters

According to the survey, about a quarter of people accepted five common myths and misconceptions about life insurance. Some of the top reasons they have for not owning life insurance (they can choose more than one)

81% – It’s too expensive
75% – Have other financial priorities
65% – Not sure how or what type to buy
62% – Haven’t gotten around to it
51% – Don’t like thinking about death

One of the biggest myths around life insurance is that it’s expensive, but the majority of people overestimate the true cost of life insurance by 3x or more and 44% of Millennials thought the cost of term life insurance policy was more than $1,000 a year when it’s closer to $160.*

Easier to Get

Another misconception is that it’s difficult to obtain life insurance, and so people procrastinate. But in response to the pandemic, life insurance companies have pivoted to help consumers expedite the buying process online, from their homes. They are also streamlining the process with simplified underwriting, which influences the consumer’s likelihood to buy coverage: 48% say they are more likely to buy via simplified underwriting, with the top benefits of this process being that it is fast and easy (64%) and avoids the medical exam, blood and urine samples (56%).

The data shows that people don’t regret purchasing life insurance... in fact, they regret not purchasing it earlier: 39% say they wished they’d purchase their life insurance at a younger age.

https://lifehappens.org/research/life-insurance-is-on-peoples-minds/

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

090921 Those Dying From Covid-19 Are Least Likely to Own Life Insurance...

Many companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. fatalities As the number of U.S. corona virus deaths surpasses 200,000, public-health experts point to a series of missteps and miscalculations in the country's response. Here’s a look back at how the U.S. became the center of the global pandemic. Sept. 28, 2020 5:30 am ET U.S. life insurers are paying out far fewer Covid-19 death claims than initially expected, largely because the virus is disproportionately killing people with little to no insurance. In the past few weeks, many life-insurance companies have sharply reduced estimates of their exposure, as measured by payouts per 100,000 U.S. Covid-19 fatalities. Estimates have come down by an average of 40% to 50%, according to Credit Suisse stock analyst Andrew Kligerman. Driving the rapid reduction in exposure are two groups… older Americans and minoriti...

072321 Why I am a Insurance Agent?

Hello, I’m Hayden Childs I am based in Northwest Alabama I am an Independent Life Insurance Agent … That means I work for YOU to find YOU the Best deal in coverage available. I am thankful to be in an industry that is a blessing to people. You may be asking your self … Hayden why are you an insurance agent? That one is easy … I am doing this because I want to be a blessing to people. I care about helping people meet their final expense needs. I am a Christian businessman and I conduct my business in an ethical and professional manner. I have had the blessing of knowing and working with some great insurance agents I Believe in Life Insurance … If you have personal coverage you know what I am talking about. In YOUR time of need YOU don't have to wonder "where is the money coming from" for YOUR final expenses. YOU know because YOU made a responsible choice and purchased life insurance and kept the premiums paid. ...

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