Americans may be missing out on life insurance opportunities
Life insurance is a cornerstone of financial security. Life insurance is key in easing financial burdens in times of loss as well as replacing income. It’s surprising to learn that only 54% of Americans are investing in a life insurance policy! This could potentially be detrimental to the financial security of millions of households. Often times, retirement has unexpected costs and life insurance is a great tool for managing these costs. On the other hand, whole-life insurance policies pay a lump sum in the case of death while term-life policies pay a lump sum only during a specific time period. This use of life insurance is key in helping to relieve financial woes families may be facing while dealing with the loss of a loved one. It makes you wonder why only half of Americans own a life insurance policy.
Why don’t more people own a life insurance policy?
There are few reasons why someone shouldn’t own life insurance, and it can seem like there isn’t enough education about the powerful investment tool. For example, the life insurance industry has seen a lack of life insurance ownership in younger generations. This is because nearly half of all Millennials overestimate the cost of life insurance by almost 500%! Many young people who may be thinking that they can’t afford life insurance, easily could. Unfortunately, life insurance gets more expensive the older you get. When those young people get older and begin thinking about life insurance, the cost may be much higher.
This is incredibly disappointing to learn and is revealing a tremendous lack of life insurance information made available. Certainly more people would own life insurance if these myths were debunked!
What does North Star Life Insurance Advisors do differently?
We understand that investing in life insurance is taking a huge financial step. We believe in making sure our clients are educated on how things work. When you own life insurance, knowing that it is going to be a huge benefit in the future isn’t enough. North Star makes sure that anyone who receives life insurance advice from us has a clear understanding of how their policy works.
While life insurance is a great investment, it can be confusing. The truth is, there are different types of life insurance policies, and over-complicating them is common in the industry. We spend time making sure our clients know why they are investing in life insurance. There are plenty of reasons to invest in life insurance and everyone’s goals are different. That’s why North Star Insurance Advisors specializes in helping our clients get the best life insurance plan for their needs. It really isn’t one size fits all. In fact in 2019, 37% of policy owners said that they owned life insurance to replace their income while 30% said they owned a life insurance policy for burial and final expenses. Life insurance is a powerful financial instrument that everyone should seriously be considering investing in.
We are always looking for talented life insurance entrepreneurs interested join our team. North Star Insurance Advisors is providing world-class systems built for ensuring superior servicing for our clients. If you love helping your clients, North Star is interested in speaking with you about partnership opportunities. Click here to begin learning more about Partnership Opportunities with North Star ➞
