Consumers Need Help Determining How Much Life Insurance To Buy
September 11, 2012 
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The great news is that a recent poll by Northwestern Mutual found that Americans who buy life insurance feel much more financially secure than those without it (probably not a big surprise). However, the bad news is that respondents admitted they lacked clarity on exactly how much insurance they should have in place. For insurance agents and financial professionals, this should create some big opportunities to get out there and educate your clients. The study also revealed that the vast majority of insurance was purchased shortly after a “major life event” such as marriage, a new baby, or loss of a loved one.
In regards to determining how much life insurance, a third of those surveyed said they had absolutely no idea how much to purchase. Eleven percent didn’t include the cost of child care, and another 15 percent didn’t include the cost of education for their loved ones. With the majority of American’s today being under-insured, these finding reveal that there has been a deficiency is life insurance education that must be addressed. It is our job as financial professionals to educate and promote the importance of life insurance with hopes that we can completely alter the percentages above in the other direction. A great place to begin hearing true testimonials of families that have been saved from life insurance, to great life insurance calculators, visit LifeHappens.
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