Fifteen trillion dollars -- this astronomical figure representsthe unmet need for life insurance throughout the U.S., according toestimates from LIMRA.

Related: More people would buy life insurance if lessmedical testing required

The unmet need for life insurance coverage across the countryhas ballooned over the past 20 years for two primary reasons.First, the number of life insurance companies and advisers issuingthe products has dwindled significantly since 1988.

According to American Council of Life Insurers, the total amountof life insurance companies declined to 814 in 2015, compared to2,343 in 1988. Exacerbating the problem is the climbing U.S.population, which has grown to 319 million from 245 million over the same timeperiod.

Secondly, and most importantly, purchasing a life insurancepolicy today is an invasive process that is time demanding andrequires a significant effort from the consumer. Technology andonline tools have made the application process for financialproducts like mortgages, car loans, mutual funds, etc. a much moresimplified and streamlined process.

Many people applying for a mortgage can get approved in a singleday. But the application process for life insurance products hasyet to significantly adopt these time-saving online tools.

Related: Why talk about life insurance when you can talkabout zombies?

The combination of a limited adviser force with a difficult lifeinsurance application process has festered for decades into the $15trillion epidemic our industry faces today. These problems must beaddressed to help get life insurance into the hands of moreAmericans. Here’s how we can do it.

Modernize life insurance acquisition process

As mentioned above, acquiring a life insurance policy is an invasive, arduousand time-consuming process for consumers today. Consumers are oftenrequired to schedule a house visit, receive a physical exam, take ablood test and supply a urine sample if they want to obtain apolicy. From there, the insurance company must spend more time andmoney analyzing the data and running it through their underwritingmodels.

From start to finish, this process often takes two or threeweeks. Consumers simply do not want to jump through these hoops.Not to mention, it can be difficult for life insurance advisers toeconomically justify this laborious and time-consuming process forsmaller policy amounts.

At Penn Mutual, we’ve begun introducing a more streamlinedprocess for smaller policies that does not require an invasivephysical exam. For policies with up to $2.5 million in coverage,customers will be able to provide the information necessary bycompleting an interactive online inquiry, much like TurboTax orRocket Mortgage.

However, the biggest difference from these services is that theprocess is not fully automated, and the life insurance adviser isthere to assist the customer every step of the way. It’s thebest of both worlds.

This modernized system vastly reduces the friction of acquiringnew business and has the potential to put life insurance policiesinto the hands of millions of more Americans.

Recruit more advisers

Modernizing the acquisition process will also attract moreadvisers to the life insurance business. As noted above, the totalnumber of life insurance advisers distributing policies hasdeclined dramatically throughout the past two decades, and theindustry is in desperate need of new recruits.

I believe that reducing the friction of acquiring new businessby way of the modernized acquisition process will entice moreadvisers to consider joining the life insurance industry. Theseonline tools make the selling process much more efficient, vastlyincreasing their pool of potential customers.

A common misconception about adding technology to any industryis that it will belittle the presence of the human employees ortake away jobs. However, this could not be farther from the truthin the life insurance business.

In fact, the selling portion of the equation is left exactly thesame, and advisers still need to reach out to people and get theball rolling. It’s only the buying aspect of the process that issimplified as a result of the introduction of new technology.Advisers are still very much needed to make connections and assistthe consumer throughout the process. Life insurance is still, andwill always be, a people business.

Educate benefits of permanent policies

When deciding between a term and permanent life insurancepolicy, the lower costs of term policies are often enough to enticecustomers. However, consumers often do not think about the futurereacquisition costs of applying again once the term expires. Thisoften leads to gaps in coverage as consumers either decide to putoff purchasing a new policy, or decide they no longer can affordit.

While more expensive up front, permanent policies coverconsumers for the entirety of their lives and offer a number ofliving benefits. For instance, with permanent life insurancepolicyholders can accumulate money within the policy on atax-deferred basis and then pull from their cash value when itbecomes time to retire, to supplement Social Security*.

The money within a permanent life insurance policy (its cashvalue) can also be used as a vehicle to save for college tuition,start a business, or any number of financial goals.

As the insurance adviser, your expertise helps make thesebenefits known and understood by your customers. It can go a longway in ensuring Americans are protected for life by eliminating anygaps in coverage.

By modernizing the acquisition process, recruiting more advisersand educating consumers about the benefits of permanent policies,we can address the $15 trillion unmet life insurance need facingour country. Bit by bit, we can arm more Americans with theprotection they need.

*Accessing cash values may result in surrender fees andcharges, may require additional premium payments to maintaincoverage, and will reduce the death benefit and policyvalues.