Leads for insurance agents that are health related tend to be easy to find, as just about everyone needs to have health coverage. But a life insurance lead can be harder to come by, as many Americans are under the assumption that buying a plan is too expensive.
According to a recent study conducted by LIMRA and the LIFE Foundation, nearly 50 percent of respondents who said they did not have coverage indicated they neglected buying a plan because they thought it was too costly.
Michael Barry, vice president of media relations for the Insurance Information Institute, says agents can correct this misconception by pointing out the affordability of term life insurance.
"Term life insurance can provide beneficiaries with a very cost-effective form of financial protection," said Barry.
He added that some people are under the impression that the typical $250,000 life insurance policy will run them around $400 per year. But in LIMRA and the LIFE Foundation's analyses, the premium is closer to $150, assuming the customer is 30 years old and the term period is 20 years.
Another reason why life insurance coverage is an important thing to have are the benefits it provides. III notes that beneficiaries of the policy can use it as another source of income in the event the policyholder passes away.
And it isn't just people who work outside the home that ought to have a life insurance plan.
"Stay-at-home parents, and those caring full-time for an adult family member, should also consider purchasing life insurance so that their children, or any adults needing full-time care, have the resources to hire professionals who can perform those tasks," III noted.
These are just a few of the reasons agents can use when meeting with customers about why life insurance is a great source of financial security.
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