Despite this, more than 40 percent of Americans have no life insurance, according to the 2015 Insurance Barometer Study by Life Happens(R) and LIMRA, an international trade association for the financial services industry. Standing in the way of many Americans getting the coverage they need is the misconception that life insurance is expensive.
According to the study, 80 percent of Americans overestimate the price of a term life insurance policy, with Millennials overestimating the cost by 213 percent, and Gen Xers overestimating the cost by 119 percent. The study found that nearly one third (30 percent) of Americans believe they need more life insurance and more than two in five (43 percent) say they would feel a financial impact within six months if the primary wage-earner died. However, the majority of Americans (54 percent) say it is unlikely they will purchase life insurance within the next 12 months.
Through this event, Springsteen hopes that Americans will take the opportunity to learn more about how life insurance can help protect them and their family-and specifically encourages them to speak with a Foresters Life Insurance and Annuity Representative who can help choose the life insurance coverage that’s best for them with a free, no obligation consultation.
SOURCE Foresters Financial