A recent study by LIMRA found that life insurance needs are higher now than they have been in 50 years.
LIMRA also found the two top reasons why people buy life insurance: 1. To cover burial and final expenses; 2. To replace the income of primary wage earners.
These numbers are both troubling and encouraging at the same time. On the one hand, it seems Americans are not adequately prepared to protect their families and their assets in the event of their eventual passing. On the other hand, these numbers reflect the tremendous opportunity that exists for agents who sell life insurance. Not only do half of households acknowledge they don't have enough life insurance, but a quarter of them said they plan to do something about it within the next year.
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