{"id":21053,"date":"2022-04-28T15:40:03","date_gmt":"2022-04-28T19:40:03","guid":{"rendered":"https:\/\/lifehappens.org\/?p=21053"},"modified":"2022-04-28T15:40:04","modified_gmt":"2022-04-28T19:40:04","slug":"seeking-financial-security-get-life-insurance","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/seeking-financial-security-get-life-insurance\/","title":{"rendered":"Seeking Financial Security? Get Life Insurance"},"content":{"rendered":"\n\n[et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.17.3″ _module_preset=”default”][et_pb_row _builder_version=”4.17.3″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column _builder_version=”4.17.3″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.17.3″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]

The 2022 Insurance Barometer Study<\/a>, conducted annually by Life Happens<\/a> and LIMRA<\/a>, reveals that financial security is a concern for all generations, but one that can be addressed with a stronger understanding of life insurance and its value.<\/p>\n

Life insurance provides a pathway to feeling financially secure, yet the life insurance need gap is larger than ever. This is largely due to not feeling knowledgeable about life insurance \u2013 whether cost-focused or uncertainty about who qualifies. It\u2019s also exacerbated by our tendency to avoid tough conversations about death that lead to obtaining life insurance and establishing end-of-life planning proactively. When taken together, this uncertainty and avoidance allows the lack of coverage \u2013 and financial insecurity as a result \u2013 to persist.<\/p>\n

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Financial insecurity is a multi-generational problem that life insurance can solve for<\/strong><\/h5>\n

Our research shows that financial insecurity persists across most demographic groups, yet one behavioral factor significantly reduces financial insecurity among our respondents: life insurance ownership.<\/p>\n

Life insurance<\/a> is a means of taking personal responsibility to establish financial security for your family, so you can have peace of mind that they\u2019ll always be supported. Findings demonstrate life insurance provides a clear pathway to financial security, with 68% of respondents with life insurance policies in place reporting they feel financial stability, compared to just 47% for those who don\u2019t have life insurance.<\/p>\n

Despite this, there are still 106 million adults who are in need of life insurance or more life insurance coverage, which is driving the need gap \u2013 in other words, the difference between how much coverage people have vs. what they say they need \u2013 to the largest it\u2019s ever been.<\/p>\n

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A lack of knowledge about life insurance cost persists<\/strong><\/h5>\n

Almost half of respondents in this year\u2019s Insurance Barometer Study say they are somewhat or not at all knowledgeable about life insurance.<\/p>\n

The top reasons people give for not having any or enough life insurance are consistent across the board: expense, other financial priorities, and uncertainty about the type and amount of coverage to get. In reality, 80% of people overestimate the cost of a life insurance policy, with half believing it\u2019s three times more expensive than it actually is.<\/p>\n

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Uncertainty is leading us to avoid important conversations <\/strong><\/h5>\n

Understandably, most of us don\u2019t want to talk about death. But that avoidance is resulting in a general unwillingness to have important conversations about end-of-life planning with our families. Because many Americans are putting off these tough conversations with loved ones, they haven\u2019t prepared for the possible loss of a primary wage earner.<\/p>\n