How confident are you about your knowledge of life insurance? According to LIMRA’s Life Insurance Barometer Study, fewer than 1 in 3 consumers believe themselves to be very or extremely knowledgeable regarding Life Insurance.
More than half of uninsured Americans have delayed buying protection because they don’t know what or how much they need. When asked how much life insurance costs, more than half of all Americans overestimate the expense by three times.
This is especially true for younger generations. The average cost of a $250,000 Term Life Insurance policy for a healthy 30-year-old is about $170 a year. However, more than 4 in 10 Millennials guess the price at over $1,000 – six times too high!
4 in 10 consumers with insurance wish they had gotten covered when they were younger. Although those who are young and healthy may think they can delay getting Life Insurance, it’s substantially less expensive at that time.
AIA Trust sponsors insurance with exclusive group rates for members. A $250,000 AIA Trust 10 Year Level Term Life Insurance policy for a healthy 30-year-old female nonsmoker would cost $8.33 a month. Compare that with the average cost of the following common purchases:
| Purchase | Cost |
|
Hamburger Combo Meal1 Movie Ticket2 Bottle of Wine3 Large Pizza4 |
$11.13 $11.75 $13.41 $17.81 |
This comparison clearly shows what an excellent value life insurance offers for protecting your family’s financial security. We encourage you to learn more5 (link: https://www.coveragedetails.net/aiatrust/life/5158?utm_campaign=AIA-June-Newsletter&utm_medium=email&utm_source=aiatrust&utm_content=JuneNewsletter&hbic=AIANWJN) about AIA Trust Life Insurance and find your member cost to add this critical safeguard for your loved ones.
All data is from the LIMRA 2022 Life Insurance Barometer Study unless otherwise noted.