Why Most Consumers Are Not Serious About Life Insurance
For many people, confronting their own mortality is a rather unsavory prospect
. It can produce feelings ranging from mild discomfort to outright existential terror. No well adjusted person looks forward to his or her own demise; especially a premature one. It is no wonder then, that the idea of purchasing a life insurance policy is not high on the priority list of a majority of people. It is one of those things that easily lends itself to procrastination. Logic will tell you that is a prudent step to take, but emotion will find any excuse to put it off or avoid it entirely. Every so often a life changing experience such as the death of a friend or family member, or the birth of a child will compel us to take action. Still, it's the rare case that one will actually go shopping for life insurance.Enter the life insurance agent. Not long ago, it was common practice that when Junior was about to start his own household, Mom and Dad would introduce him to the family "insurance man", and set up a modest policy to take care of any unforseen circumstances. This is not the case these days. New households are on their own. Agents and companies come and go. The majority of American households are woefully underinsured. It is the job of the life insurance agent to reach out to families and provide them with adequate coverage.
The preferred way to buy an insurance policy is through personal contact with an agent. Discussing life planning is a very personal thing, and requires some individual attention. What is adequate coverage? Do I want term or permanent insurance? Do I want or need a cash value provision? Which policy riders are appropriate for my situation? These are just a few of the questions to which buyers need answers, and because of the customized nature of the transaction, personal interaction is the way to go. Without it, chances are that it will fall victim to the black hole of procrastination.
The numbers are disturbing. Studies have indicated that under fifty percent of American households have enough insurance, and a majority of the underinsured are not seriously considering it. Life insurance companies know that. The average age of an insurance agent has been increasing, and those same life insurance companies are taking actions to put new vigor and relevance into an old industry; one which provides a needed service, but has been met with a certain degree of apathy from many consumers.
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