- As many as 132 million Americans rely on life insurance to protect their financial security.
- More than 70 million Americans say they know they need more life insurance.
- Sixty-five percent of Americans say they won’t buy life insurance because they believe it’s too expensive.
- On average, consumers estimate the cost of life insurance is twice as high as the actual cost.
- Two-thirds of Americans worry about having enough money for retirement, with half explaining that they’re concerned about the overall economy and 44 percent saying they haven’t saved enough.
- While 71 percent Americans say they research online, more than half want to work with a financial professional to purchase life insurance.
- About one in four consumers say they have bought or have tried to buy life insurance online, with younger consumers more likely to shop online than older people.
- Most Americans understand that age and health can affect the cost of their coverage. Far fewer know that their driving record and credit history also can affect the cost.
- Half of American households would feel the financial impact from the loss of their primary wage earner in a year or less.
- More than 40 percent of American households would feel the impact from the loss of the primary wage earner within six months, including nearly 40 percent of households with an annual income of $100,000 or more.
Source: 2015 Life Insurance Awareness Month Fact Sheet published by LIMRA