Many reports indicating that Americans know they don’t have sufficient life insurance have surfaced over the past few months. So, what’s the solution? According to the 2011 Genworth LifeJacket Study, “7 Key Insights to Help Close the Coverage Gap,” Americans have a desire to work with an agent or adviser to understand the role of life insurance in securing their families’ futures. Additionally, 40% of consumers do not believe they have enough life insurance to meet their families’ long-term needs. The study illustrates that financial professionals should change the way they approach their client base and break down the barriers that keep families from obtaining adequate coverage.
Genworth developed the LifeJacket research project in collaboration with Dr. Gregory B. Fairchild, associate professor at the University of Virginia, Darden School of Business. The research finds that almost half of Americans with household incomes between $50,000 and $250,000 do not have life insurance and those with insurance have only enough to cover 3.6 years of income.
