According to recent LIMRA Statistics
- 85 percent of consumers agree that most people need life insurance, yet just 62 percent say they have it.
- 44 percent of U.S. households had individual life insurance as of 2010 — a 50-year low. In 1960, 72 percent of Americans owned individual life insurance. In 1992, 55 percent owned it.
- 40 percent of Americans who have life insurance coverage don’t think they have enough.
- 70 percent of U.S. households with children under 18 would have trouble meeting everyday living expenses within a few months if a primary wage earner were to die today. 4 in 10 households with children under 18 say they would immediately have trouble meeting everyday living expenses.
- $15.3 trillion: Estimated unmet life insurance need in the United States
- 83% of consumers say they don’t purchase more life insurance because it’s too expensive, but consumers believe life insurance costs nearly 3 times the actual price.
- $400: What most Americans believe a 20-year, $250,000 level term life policy for a healthy 30-year-old costs annually. $150: What it would actually cost.
- 70 percent of Americans failed a recent 10-question basic life insurance IQ test.