Life insurance is vastly misunderstood among American consumers

life insurance test

LIMRA has reported that 70 percent of people in the U.S. don’t understand the coverage. In the United States, ownership of life insurance has reached a historical low and a recent LIMRA study has suggested that it is likely because Americans don’t understand why it is needed or how the products in that sector actually work. The global consulting and research organization determined that there is a lack of understanding and knowledge. In order to come up with this claim, LIMRA applied a type of IQ test for life insurance…

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Report shows consumers think life insurance is almost three times more costly than it is

Life insurance

A study performed by LIMRA and the LIFE Foundation has revealed many consumer misunderstandings of life insurance coverage. LIFE Foundation and LIMRA released a report based on the findings of a joint study that has shown that consumers have many misunderstandings about life insurance – such as its cost – and that this might be deterring them from seeking to obtain coverage that could be very beneficial to them. The participants in the survey were requested to provide their best guess as to how much a 20-year level-term life policy…

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