We have a problem. According to LIMRA, a high percentage of Americans do not know much about life insurance, 
Those who knew the most about life insurance quoted several sources who attribute their understanding of life insurance. They also have life insurance property and heard about it through work, a seminar or a financial planner. Most were older, more educated and viewed as important in life insurance. But on the whole group, less than 1% of those who took the test correctly answered all ten questions.
One of the main reasons consumers give for why they do not buy life insurance is because it is "too confusing the study." Showed that consumers with better understanding of life insurance have a higher level of trust in insurance companies as those who are less knowledgeable about life insurance.
The ownership of life insurance is to a low of 50 years, although last year showed an increase in the number of policies written. Sixty-five million families depend on life insurance to protect their loved ones, but according to the Census Bureau, there are 112 million families in America. This means a third of families have no life insurance, and many of those insured are under insured.
According to LIMRA study and LIFE Barometer 2012, the amount of insurance held is less than four times the typical annual income of the individual. The exact amount to have, depending on the age of the individual, should be 10 to 20 times their current income. Based on a study by Swiss Re, the total amount of under-insurance can be as much as 22 TRILLION dollars.
As a counselor myself, I understand that we have much work to do in the industry of life insurance, and the first thing to do is to educate Americans on the need to assume personal financial liability using the life insurance and related products in the process, and that is that the lIFE Foundation is all about.
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