Many Americans who lack life insurance say that carriers have not invited them to make a purchase, according to recent research.
Conducted by Deloitte, the survey found that many consumers do not shop for life insurance policies on their own initiative. This means that, unless insurers actively seek them out, they rarely consider purchasing coverage. Additionally, understanding of life insurance is less widespread than it could be, so many people do not know what their options are.
This makes it more difficult for them to shop intelligently or estimate how much coverage they need. Both tendencies may further discourage them from making a purchase. Almost half of those without coverage and nearly three-quarters of those with life insurance said it was a fairly high financial priority. In addition to the lack of opportunity, consumers may not be shopping for coverage because they find the process somewhat time-consuming or difficult. This is particularly true for younger Americans.
Educational efforts might help to reach these individuals, who may not fully understand the long-term financial planning benefits of life insurance. Employers concerned for their workers’ financial well-being may find that offering life insurance benefits and explaining them clearly is a helpful measure.