LIFE INSURANCE

NAILBA along with other industry associations have pooled together resources and sales ideas for supporting the market in closing the coverage gap within the United States . The following are consumer factoids to be aware of when developing marketing and sales strategies .

2020 Insurance Barometer Study

60 million American households are uninsured or underinsured . The average coverage gap is $ 200,000

61 ^%

61 % of people who already have coverage say they are likely to buy more .

Likelihood to buy : COVID-19 ( 2020 )

2016 U . S . Life Insurance Study

About half of Americans overestimate the cost of life insurance threefold .

2020 Insurance Barometer Study

44 ^%

32 ^%

44 % of families with children under 18 say they would face financial hardship if the primary wage earner died within 6 months .

2020 Insurance Barometer Study

In 2020 , one third of Americans ( 32 %) say COVID-19 was the primary reason they began shopping for life insurance .

The COVID-19 Effect : High Tech With Human Touch to Optimize Life Insurance Customer Experience

Six in 10 Americans say they have a heightened awareness of the importance of life insurance due to COVID-19 .

LIMRA Quarterly Consumer Sentiment Study , Oct . 2020

A third of Americans have discussed life insurance coverage

with their family during the pandemic

Life Happens ’ study ( May 29-June 3 , 2020 )

1 in 3 Americans say they don ’ t have enough life insurance .

2020 Insurance Barometer Study

Stay-at-home parents need life insurance coverage too ! According to 2019 data from Salary . com , if a stay-athome mom or dad was paid for their services , the median annual salary of $ 178,201 . Some of the job a stay-at-home parent does :

According to 2018 Insurance Barometer study , one third of married or partnered Americans wish that their spouse or partner would purchase more life insurance

Salary . com 2019 study , 2018 Insurance Barometer Study .

40 Perspectives Q1 2021