We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,131)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (413)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (799)
  • Wink's Articles (352)
  • Wink's Inside Story (273)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • A New Year Brings A New Chance To Talk About Financial Security

    December 27, 2013 by Todd A. Silverhart

    Reprinted from the January 2014 issue of InsuranceNewsNet Magazine.

    The arrival of 2014 brings with it the fresh anticipation of everything we hope to achieve while working with a brand-new calendar. For those in the business of providing financial security, it’s the perfect time to meet with clients to set them on a positive course for this year and beyond.

    What better way to start the year than by reviewing your clients’ finances and the role of life insurance in their overall plans? LIMRA research has documented the historic low ownership rates of life insurance, with three in 10 U.S. households (35 million) having no life insurance protection at all and half reporting they don’t have enough.

    This finding was undoubtedly newsworthy, having strong implications for the industry, but in many ways it was not the most alarming statistic to come out of that research. When consumers were asked about their financial situation if the primary wage earner were to die, only 37 percent indicated that they would be able to cover everyday living expenses well into the future. Ouch! This means that nearly two-thirds of consumers would face financial difficulties in the event that a primary wage earner were to die, either immediately (34 percent) or after several months (29 percent).

    Similar but even broader results recently were seen in Canada in the 2013 Canadian Life Ownership Study, with only one in three consumers believing they could cover living expenses well into the future – not only if the primary wage earner were to die, but also if they were to become disabled or critically ill.

    With such a high percentage of the population so vulnerable, one might think that the connection between financial security and insurance coverage would be obvious. Clearly it’s not, but why not? We know from LIMRA research that it’s not because people don’t see the need for insurance protection, with 85 percent of consumers agreeing that “most people need life insurance” and roughly two out of three agreeing both that “most people need disability insurance” and that “most people need long-term care insurance.”

    When consumers are asked why they don’t own life insurance (or own more life insurance) there are two consistent, primary reasons offered. The first reason is that they have other financial priorities. In light of the economic challenges experienced over the past several years, the issue of competing financial priorities is certainly understandable. When we look at consumers’ financial concerns, “burdening dependents if I die prematurely” and “burdening others with funeral expenses” are way down on the list behind issues such as having money for a comfortable retirement, paying for long-term care services, paying for medical expenses, and supporting themselves if they become disabled and are unable to work. All the financial issues on this list are legitimate issues that can present an overwhelming challenge to consumers. Which issues are the most pressing for your clients?

    The second primary reason given for not owning more life insurance is that it is perceived as being too expensive. To gain some insight into this finding, we have asked consumers how much they actually think life insurance costs. When estimating the yearly cost of a 20-year $250,000 level-term policy for a healthy 30-year-old, the actual cost of the best available rate is grossly overestimated – with a mean estimated annual cost of $360 versus the actual cost of $150. When consumers were presented with the actual cost and then asked how that knowledge would impact their likelihood of purchasing life insurance, one in three said they would be more likely to purchase life insurance with this information.

    It seems clear that one way to help consumers to make the right moves is to throw out the misperceptions surrounding life insurance costs and to begin with a clean slate. One of the most valuable roles of an advisor is to help clients figure out the best ways to allocate their limited dollars.

    There is much hype each year about making a “New Year’s resolution” – even though it is forgotten almost as quickly as it’s spoken. In 2014, use the opportunity of a new year to encourage your clients to work toward a resolute plan of building financial security with life insurance as a cornerstone.

    Todd A. Silverhart, Ph.D., corporate vice president and director of LIMRA’s Insurance Research, has responsibility for markets, products and group distribution. Todd may be contacted at todd.silverhart@innfeedback.com.

     

     

    Originally Posted at InsuranceNewsNet.com on December 23, 2013 by Todd A. Silverhart.

    Categories: Industry Articles
    currency