What we know about life insurance agents changes every year. Policies are redefined, premiums change, and, quite frequently, people start to change their opinions on the matter. Below are some interesting statistics about the industry and individuals’ thoughts about life insurance in 2017. Let your clients know about these statistics and educate them on what life insurance means and can do for them.
84% of Americans would agree most people need life insurance, yet when asked, only 70% said they needed any.
Why do most Americans agree that life insurance is needed, but they do not have a policy? There seems to be an opposing view when one gauges others’ needs versus their own. Experts have mentioned that this could be because financial education and responsibility are lacking in communities. Better clarify with your clients how life insurance can benefit a person’s financial situation.
34% of people who have had life insurance for a lengthy period do not even remember why they got it in the first place.
This instance commonly occurs with life insurance in 2017. Agents, this falls on you. You must complete an annual review of their policy. The consumer should also do it themselves, but they may have purchased it as a set-it-and-forget-it structured policy. If you sit down every year to evaluate whether the plan accumulates what you believe is needed, you can see the benefits the policy can reap.
66% say life insurance in 2017 is just too expensive for them.
This opinion exists because most believe other financial priorities take higher precedence or think they have as much as they need right now. People do not realize that they can find a policy that is affordable to them now and then steadily increase the amount as they see fit. Some plans are as low as $40 a month.
50% of Millennials say they have never been approached by an agent to buy life insurance.
Most agents believe millennials will turn them down pretty quickly because they are used to working with an older crowd. But it remains important to note that life insurance is cheaper the younger you are. If something were to happen suddenly, a life insurance policy would help lift the financial burden on their family. It will pay the funeral costs and other dues, such as college loans.
Overall, the most prevalent confusion of a life insurance policy is the financial burden. People know they need it and the importance. Most people do not want to pay for it or believe it is too expensive. And some, like millennials, are never approached about the subject, so they may fully understand the benefits. Luckily, we have great agents like you here at Empower Brokerage to shed light. Educate your clients and let them know of all the benefits life insurance can provide for them and their families.
Agents
We hope that this information on life insurance agents is useful to you.
Empower Brokerage is dedicated to helping you make informed decisions about your health and finances. Whether it’s through webinar training, one-on-one calls, seminars, or marketing plans, we want you to be successful!
Give us a call at 888-539-1633 or leave a comment below if you have any questions.
Quick links:
This Article Was Updated: 7/8/2024.
