September is Life Insurance Awareness Month, and while we hope we've shown you how important life insurance is, we also want to share some big picture facts about what life insurance looks like in 2018, and share our key takeaways from these facts.
50% of people will admit they have a higher propensity to buy life insurance if they can do it without the medical exam.
Among the Millennial generation, a majority prefer to do their own research on what they need over the internet, but admit they would still end up buying from an agent face-to-face.
Almost 3 in 4 people think the greatest benefit an insurance company can offer are simplified issue policies.
Roughly 50% of adults admitted to searching for life insurance online last year, and about a third even tried to make their purchase online.
Over 40% of adults do not own a life insurance policy of some kind, whether it be a group policy through work or through a private insurer.
Of the people who already have a life insurance policy, 1 in 5 admit they don’t carry quite enough.
1 in 3 families admit a financial disaster would be more than likely, if not absolutely, within a single month should the household’s breadwinner suddenly pass.
About 40% of Millennials would feel more comfortable if they partner/spouse carried more coverage. Among the older generations, this is not so much the case.
Adults admit to not buying a policy because they find it too costly, and not a priority among other financial obligations. However, they tend to overestimate the cost, especially the Millennials.
What we take away from these facts is that people may not grasp the importance of life insurance and that many feel overwhelmed by the process of securing a policy.
What's also clear is that people would benefit from having an in-person advisor to guide them through the process.
That's where we come in. The Robin S. Weingast & Associates Team is here to answer all of your life insurance questions and help you secure a policy that works for you and your family. We can also help you explore how life insurance can play a role in your larger retirement planning goals.