While more than 40% of survey respondents said surviving family members would feel the financial impact of their death within months, less than half of them said they would buy life insurance for the benefit of loved ones. In fact, more respondents indicated that they would leave behind family photos (54%) than a death benefit from a life insurance policy (40%).
To support the gap idea, LIMRA in September estimated the life insurance coverage gap- the gap between life insurance needs and life insurance currently in force -at $16 trillion.
“People don’t like to talk about life insurance; it’s not a feel-good topic,” said Annise Henson, life insurance product manager at Unum. “It’s about making sure your loved ones don’t have to deal with serious financial problems at an already difficult time. Taking time to review your life insurance needs and obtain coverage is one of the smartest things you can do to protect yourself and your family.”
Life Happens is a 21-year old nonprofit organization that campaigns to raise consumer awareness about the value of life, disability and long-term care insurance.
LIMRA, a worldwide research, learning and development organization, is the trusted source of industry knowledge for over 850 financial services firms.
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