by Noelle Kauffman, Director of Sales
(CA License No: 0H45598)
SEPTEMBER HIGHLIGHT
Life Insurance Facts and Statistics
In 2024, the significance of life insurance cannot be overstated. As a fundamental component of financial planning, life insurance provides essential security for individuals and their families in an uncertain world. It serves as a safeguard, ensuring that loved ones remain financially protected in the event of an untimely loss.
Recent findings from the Insurance Barometer Study by LIMRA and Life Happens reveal crucial insights into the life insurance landscape:
- Coverage Concerns: Alarmingly, 22 percent of life insurance policyholders feel their coverage is inadequate.
- Stable Demand: The demand for life insurance has remained steady since 2022, with 30 percent of uninsured individuals acknowledging their need for coverage.
- Income and Insurance Needs: Among earners in the $50,000 to $149,999 range, 39 percent express a need for increased life insurance, highlighting considerable interest
from middle-income families. - Gender Disparity: A persistent gender gap exists, with women less likely to own life insurance compared to men, a trend observed consistently over the past 14 years.
- Generational Trends: Baby Boomers lead in life insurance ownership, while Gen Z, despite lower ownership rates, shows a growing awareness of the need for coverage.
- Financial Concerns: Millennials have emerged as the most financially concerned generation, shifting away from Gen X’s previous apprehensions.
- Cost Misconceptions: A staggering 72 percent of people without life insurance overestimate the cost of basic term life insurance, a common misconception that endures annually.
- Knowledge Gaps: Over a quarter of young people cite insufficient knowledge about life insurance products as a barrier to obtaining coverage.
Understanding these trends is vital for making informed decisions about life insurance needs. Such coverage can alleviate financial burdens by covering funeral expenses, paying off debts, and replacing lost income, thereby preventing potential financial hardship for families.
To explore life insurance options, interested individuals can contact help@employeesclub.com or call (800) 464-0452 Ext. 4.
This article is inspired by insights from Bankrate and authored by Ashlyn Brooks.
The link is: https://www.bankrate.com/insurance/life-insurance/life-insurance-statistics/
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LACEA Insurance Services, Inc. (Employees Club of California) is a licensed insurance agency offering insurance benefits to qualified Club members. The Club’s CA DOI Lic. is #0B98000.
