Did you know that only 39 percent of U.S. households recall having an opportunity to buy life insurance in the past two years? According to data released by LIMRA, it seems that many U.S. households are being neglected when it comes to life insurance.
The data also found that single people were the most neglected, with only 26 percent remembering having the opportunity to purchase life insurance, compared to 74 percent of married people.
But, it seems like the single people should be who insurance salespeople should be targeting; because singles reported being almost as likely to buy life insurance as married couples (51 percent versus 58 percent).
Regardless of their marital status, the largest determining factor of whether life insurance will be purchased is if there are children under the age of 18 in the household. According to the data, nearly half of buyers have children living in their home, compared to 38 percent of non-buyers, LifeHealthPro.com reported.
In addition, single mothers also remain to be an untapped market. Earlier LIMRA research found that one-third of single mothers who are the primary wage earners in their families had no life insurance coverage. But, among those who purchased insurance only two-thirds believed that their families would only be able to cover living expenses for a few months if they were to die.
These are all great opportunities for our National Agents Alliance insurance team to provide valuable coverage to an obviously unsaturated market. Now hammer down and get to work!