You have probably heard these questions before:
‘Why do I need life insurance?’
‘How much is this going to cost?’
‘What is the difference anyway?’
‘That will probably never happen to me.’
According to a 2018 report from the Life Insurance Marketing and Research Association (LIMRA), 35% of households would struggle financially within one month if their primary wage earner died. Yet finance companies still struggle with developing a marketing strategy that convinces consumers how they could benefit from protections addressing these financial risks.
According to the American Council of Life Insurers, life insurance is a $12 trillion industry. In 2018, 10 million new policies were purchased, the average individual was insured for $168,000, and 40% of policies were written as term life coverage. As providers, we understand these products can be essential for consumers, assisting with burial and final expenses, providing income support, and transferring wealth to family left behind.
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