The underserved middle market – opportunity knocks

There has been a lot of talk and numerous studies regarding the vastly underinsured middle market in the US with regard to life insurance.

Here are some things to keep in mind regarding this market:

  • The Life Insurance Research Marketing Association (LIMRA) reports that 83% of all consumers believe most people need life insurance and 65% believe they need it for their families, 50% say they are underinsured.
  • 3 in 10 households have no life insurance at all.
  • Life insurance ownership is at the lowest level in 50 years
  • Life insurance agents are not calling on the middle income market ($35,000 – $100,000 income), they can’t afford to do so.
  • The middle market may have a higher need for life insurance than wealthier families because they are heavily reliant on multiple income sources and don’t have a lot of assets to provide for them if one of the wage earners dies.
  • Life insurance can provide surviving family members with the means to maintain their quality of life.
  • Employers are a shrinking source of benefits such as life insurance and people can no longer rely solely on their employers for benefits such as life insurance.
  • An unexpected accident or illness can render people uninsurable.

Many in this market are credit union members who do not go into the branch offices so how can they be reached? American National Insurance Company has a program designed for the middle market with easy to obtain, competitively priced life insurance coverage of up to $250,000. Here are some of the features:

  • Distributed by direct mail, Internet/email and inbound phone calls.
  • No medical exam required—just the answers to a few questions on the simplified application
  • Spouse coverage available on the same application
  • Individual coverage where the rates can’t be changed for the level premium term of coverage 10, 20, or 30 years and coverage can stay in force to age 95.
  • If the member leaves the credit union, they take the coverage with them.

Don’t be a contributor to leaving this market unserved! Find out more and benefit the consumer, the financial institution and yourself!

Contact your Allied Solutions sales rep for more information and a proposal for your clients.

Richard Katz

Richard Katz

Mr. Katz has been actively involved in the life and health insurance industry for 40 years. During his career he has managed multiple methods of distributing insurance products including direct ... Web: Details