There are a lot of numbers out there when it comes to life insurance buying habits. For example: 51 percent of Americans own life insurance; 80 percent of American consumers misjudge the price for term life insurance; millennials overestimate the cost by 213 percent, and generation X by 119 percent.
These numbers reveal a disconnect between consumers’ preconceived notions and the reality of what life insurance is and what it isn’t. And while there are gaps in life insurance coverage, there are also many opportunities for advisors to close that gap.
The infographic below presents 42 stats that explain that life insurance coverage gap and some points on how to close it.