“It’s too expensive!” is the common refrain when Americans are asked why they don’t get the life insurance protection they need. But—and it’s a big but—80% overestimate how much it costs.
For the fifth year, Life Happens partnered with LIMRA to produce the Insurance Barometer Study, which looks at consumer trends and consumers’ perceptions regarding life insurance, retirement and their financial well-being.
“We’ve consistently seen over the last five years that consumers think life insurance is more expensive than it really is,” says Marvin Feldman, CLU, ChFC, RFC, president and CEO of Life Happens. “We need to help educate the public about how affordable life insurance can be.”
Here are more findings:
To see the complete 2015 Insurance Barometer Study, go to www.lifehappens.org/barometer.