Why People Need Life Insurance: Results of Our Survey

We recently sent a social media shout-out to our followers and financial professional colleagues online to weigh in on the reasons people should buy life insurance. It is a small way to bring attention to the annual commemoration of Life Insurance Awareness Month, LIAM 2018. It is part of our ongoing effort to fulfill our obligation to consumers of educating them about a topic of which we are passionate. The life insurance community has come a long way in recent decades, thanks in part to digital technology which has demystified the industry and provided consumers with greater awareness about this traditionally off-putting subject and made it easier for DIY purchasing. No longer are people avoiding talking about their mortality and their desire to leave a legacy for the people they love and want to protect financially. The 2018 Insurance Barometer Study conducted by Life Happens and LIMRA found a dramatic increase in the way consumers purchase life insurance. Here are key findings of the study:

• Over half of Millennials say they’d research life insurance online but purchase from an insurance professional.
• About half of adult consumers visited a life insurance company website and/or sought life insurance information online.
• Almost 1 in 3 purchased or attempted to purchase life insurance online.

It also shows that we have a long way to go to demystify the industry and to throw open the doors to increase understanding and trust among the general public. In order to fulfill our promise to publish the most interesting quotes on our blog, and to keep the conversation going about this important topic, here is a small sampling of what they are saying:

“No one ever dies at the right time, and the proper type of life insurance can offer tremendous benefits for individuals and businesses alike.”

– Retirement strategist/financial professional Bert Salazar CFEI, LUTCF’S

 “Because you want to financially protect your family. It’s out of love. When my dad passed away, he didn’t have life insurance. Without it, it’s added stress and can cause financial devastation.”

– Quotacy Team

<p”>“Life insurance products receive special tax treatment that help provide tax-free growth and tax-free income, while also creating a financial legacy.”

– Eugene Gordon, CEO of PensionQuote

We will keep the comments flowing as we wind down Life Insurance Awareness Month in the next 10 days. Please post words that inspire us on any of our social media platforms so we can share and highlight them. Our outreach goes beyond the pros and into the general public because everyone has an opinion and we want to hear them. Thanks in advance!