A recent study from LIMRA showed that the percentage of families that currently have life insurance coverage is at an all time low, which presents life insurance providers and agents with an opportunity to offer potential policyholders with special discounts and offers.
According to the research, half of U.S. households said they needed more life insurance coverage, which represents $17.5 trillion worth of policies, Financial Planning reported. The study also found that Gen X households are the most most likely to purchase life insurance in the next 12 months, as they are typically composed of a family with children under 18.
Respondents blamed their lack of coverage on three concerns: competing financial priorities, lack of knowledge and procrastination to initiate the process of purchasing a policy. The study found that key motivators for buying a policy included assistance for burial expenses, replacement of income from the primary wage earners and payment of a mortgage.
In response to uninsured people blaming their lack of coverage on high costs, the Houston Chronicle recently reported that insurance agents are offering new discounts to help bring in customers. While many consumers choose to shop around and compare rates, it also helps to ask providers what discounts are available when deciding on a policy.
"It can really pay to ask about discounts to reduce your premium," insurance department spokesman Jerry Hagins told the news source. "But you have to ask, because every company is different."