LIMRA's trends in life insurance ownership study found some disappointing results this year.
According to the study, which is conducted every six years, only 44% of U.S. households have individual life insurance. The number of households that don't have any life insurance is 30%, which equals 35 million families across the United States.
That's a significant increase since 2004 when only 22% of families had no life insurance. This despite the fact that LIMRA, in a separate study, reported strong growth in new business in the first half of 2010.
So Why Is Life Insurance Ownership Decreasing?
This survey found that families know they need life insurance but don't know where to turn for help to get a policy that can fit their budget. Marvin H. Feldman, CLU, ChFC, president and CEO of the LIFE Foundation stated, "With so many families continuing to struggle financially, there has never been a more critical time for people seek help from their insurance agents and get an adequate amount of life insurance."
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