Why Do Consumers Buy Term Life Insurance?

If death occurs, the only financial question usually asked is "How much life insurance did he/she have?" No one asks if the death benefit was term insurance or permanent insurance or group insurance… or any other kind of insurance… only how much.

Term insurance is a BEST BUY for death benefit for a specific period of time… such as a 30-year mortgage, for the 15 years between the age of your youngest child and the age when it is estimated he graduates from school or any other time period that can reasonably be determined. If you are age 40 and in good health, $100,000 of 20 year term insurance can be purchased for around $19 per month. The cost is much less at younger ages and a little more if you are older.

When everyone else is doing their best to support the anguish any family faces at the death of a family member, you are the only one that can provide that family with the financial support they will need… and with the TLC process, it is very easy to determine the life insurance needs of a family member and to apply for that needed insurance.

What is the Opportunity to Sell to Clients?

• 68% of life insurance owners feel financially secure compared to 47% of non-owners of life insurance.*
• More than half of the population believes term life insurance is three times more expensive than it is.*
• Nearly 4 in 10 middle-income Americans believe they don’t have enough life insurance coverage.*
• 48% of Americans say they are more likely to buy life insurance through automated/accelerated underwriting.*
• 47% of Millennials believe that they need (or need more) life insurance coverage, representing a market opportunity of 34 million adults.*
• More than half of mothers in the U.S.—26 million women—are living with a life insurance coverage gap.*

*2022 Insurance Barometer Study, LIMRA and Life Happens

What are some of the potential benefits of Term Life policies?

• Term insurance provides death benefit for a specific fixed period
• Common fixed periods for coverage are: 10, 15, 20, and 30 years
• Some policies provide a return of premiums at the end of the fixed period
• Some policies offer Chronic, Critical and Terminal Illness riders
• Most policies offer conversion to a cash value accumulation policy

If you are interested in taking the next step, please register for a Term Life Champions account by clicking below to gain access to the rest of this website.