‘Really huge’ opportunity for life insurance sales if riddle can be solved
April 23, 2025 by John Hilton
The problems facing life insurance sellers are not new: Americans know they need life insurance. Americans say they want coverage. Yet, only slightly more than half of Americans actually have life insurance coverage.
Wink’s Moore on the Market: There are some great stats in this piece from John Hilton at InsuranceNewsNet.
My takeaways?
“…only slightly more than half of Americans actually have life insurance coverage.”
Not enough.
“…about 100 million Americans say they need life insurance.”
Way too much.
“… just 9.4 million policies were sold in 2024 … and that’s pretty flat year over year.”
How can we change that?
“Forty-eight percent of respondents ‘strongly agreed’ that they ‘need to understand life insurance before they purchase’ it…”
How do insurance agents get in front of these people?
“…they [consumers] way, way overestimate, six to 10 times actually, the actual cost of what the premium would be for life insurance policy…”
Then, we are failing at educating the masses about life insurance.
How do we turn this around? Digital sales of life insurance are nominal. What do we need to change, in order to solve the uninsured/underinsured gap? -sjm
