A recent study by LIMRA and Life Happens reveals that 42% of American adults, or 102 million people, need life insurance or more coverage.

Education on What is Factual. 

Many people think life insurance is too expensive. However, 72% of Americans overestimate the cost of a basic term life insurance policy. Younger people often think it costs three times more than it does. Over half of respondents (54%) base their estimates on a “wild guess.”

Brian Steiner, Executive Director at Life Happens, explains, “People don’t buy what they don’t understand or think they can’t afford. Fortunately, 6 in 10 people use social media for financial information, and we aim to meet them there.”

Addressing the Gender Gap

In 2024, fewer women (46%) than men (57%) have life insurance, the largest gap in 14 years. Despite this, 45% of women recognize they need more coverage, and 36% plan to buy life insurance this year. However, 50% of women see cost as a barrier and feel less knowledgeable about life insurance (21%).

To encourage more women to get coverage, the industry must show that life insurance is affordable and addresses financial concerns like retirement savings and emergency funds.

“Our studies show that more people understand the value of life insurance, especially since the pandemic,” notes Carroll. “The industry needs to use digital tools to help people learn about and buy life insurance for financial security.”

Continued Impact of COVID-19

Even though COVID-19’s daily impact has lessened; people are still more aware of the need for life insurance. The study shows 37% of consumers plan to buy coverage within the next year.

As independent insurance specialist, Branch Planning can provide you with the best options to consider from all the top insurance carriers.  Contact us today for a free review at 720-651-9800 or make an appointment on-line at BranchPlanning.com