LIMRA’s research consistently has found that not enoughAmericans have life insurance. The coveragegap is so wide that it can be measured in the trillions ofdollars. LIMRA research finds even though Americans largelyknow they need more life insurance, and recognize it’s good tohave, they still do not buy the coverage they need.

Just three years ago, the coverage gap — which LIMRA defines astotal life insurance needs less existing life insurance — was $15trillion. Now it’s a trillion dollars more than that. (LIMRA usednumbers from the Federal Reserve Board’s Survey of ConsumerFinances to do the math.)

Alarmingly, for people who manage their household money, overhalf believe they would run into financial difficulty within amatter of months if they died unexpectedly.

September is Life Insurance Awareness Month, when the industrytouts the benefits of having life insurance. So what can theindustry do?

These numbers reveal a disconnect between consumers’preconceived notions and the reality of what life insurance is andwhat it...

People still tend to vastly overestimate the cost. Insurers andfinancial professionals should continue educating consumers aboutlife insurance’s affordability. With life insurance ownership atits lowest level since 1960, they can also suggest lifestylechanges. Quitting smoking and otherwise staying healthy, buying apolicy earlier in life, and keeping a good driving record are allways to save.

In addition, the modern American has more financial demands thanever before. Consumers cite the cost of cell phones, the Internet,and cable as necessities that prevent them from buying life insurance, according toLIMRA research. Professionals can suggest ways that consumers canbalance these short-term expenses with a longer-term investment intheir family and in their financial security.

Life insurance can protect your assets, allow you to accumulateearnings consistently and safely, and ensure long-term security foryou and your loved ones. Life Insurance AwarenessMonth is the perfect opportunity for financial professionalsto reinforce these facts.