For the fourth consecutive year, Life Happens and LIMRA have been checking the pulse of the American people and their attitudes on life insurance, retirement and their financial well-being.
The just-released 2014 Insurance Barometer Study shows that Millennials, those age 25-34, show the highest level of concern across all generations for common financial planning issues, including saving for retirement, paying for a child’s education and burdening others with final expenses.
Retirement certainly isn’t being viewed with rose colored glasses: 52% of those age 25-34 say they are “very” or “extremely concerned” about having sufficient funds for a comfortable retirement followed closely by those age 35-44, 47% have those same concerns.
And, if there were ever a stumbling block to life insurance ownership that was really “not there” it’s price, or better stated perceived price. Get this: When asked the price per year for a $250,000 20-year, level-term life insurance policy for a healthy 30 year old, the median cost given by those 25 and younger was $1,000—nearly 10 times its actual cost of $150 a year. Overall, more than 80% of Americans overestimate the cost of life insurance.
Overall, more than 80% of Americans overestimate the cost of life insurance.
Couple this with the fact that many people prioritize things like paying for cable and their cellphone or eating out over getting life insurance. Ouch!
Below are 10 life insurance facts from the study that are “tweetable,” meaning you can share them simply by clicking on the fact you’d like to tweet and the tweet will be generated for you. And be sure to follow us on Twitter at @lifehappens.
The source of all these statistics is the 2014 Insurance Barometer Study, Life Happens and LIMRA.