You’re considering life insurance but don’t know much about it yet. Here are ten interesting life insurance facts that might surprise you as you think about whether life insurance is the right decision for you and your family.
Every year, LIMRA (a worldwide research organization for the financial services industry) highlights the value of life insurance, because of how it can change a family’s financial journey. Ladder can make it incredibly easy to get basic coverage in place.
1. 19 million Americans get stuck in the life insurance process.
You’re not alone if you’ve been stalling out on getting life insurance in place. Traditionally, the meetings and medical work associated with getting life insurance — all the research and follow-ups — cause people to fall off the track during the process. According to LIMRA, around 19 million Americans get stuck figuring out life insurance. They are trapped in limbo and are likely unprepared should there be a tragedy. Ladder can help you get insured in minutes, not weeks.
2. A $16 trillion life insurance gap exists in the US.
Because so many people get stuck in the life insurance process, or only take the minimum life insurance available through work, there is a $16 trillion dollar life insurance coverage gap in the US, according to LIMRA. That’s a lot of coverage left unassigned when you think about families’ needs to protect their ecosystem’s financial well-being.
3. Only 48% of employers offer life insurance. Does yours?
LIMRA stated in 2017 that only 48% of employers offer life insurance through work, meaning the majority of Americans have to figure out life insurance on their own. It’s important to remember that many employers only offer life insurance that covers a few times an employee’s salary, and many people find they need much more than that to cover their family adequately. Furthermore, you don’t take your work-provided life insurance with you when you leave a company, which can leave you unprotected if you leave a job unexpectedly.
4. 50 million US households want more of it.
LIMRA highlights that 50 million American households recognize they need more life insurance. The struggle is jumping through all the research and hoops required to get coverage in place. A smarter, time-efficient solution for figuring out life insurance and getting it in place quickly (sometimes immediately) is where companies like Ladder can help families get enough coverage to protect their loved ones.
5. Consumers largely overestimate how much life insurance costs.
According to LIMRA, most consumers estimate the cost of coverage to be more than three times its actual cost. Among millennials almost half overestimate the cost at five times what they would actually need to spend. One of the top reasons people do not buy life insurance is they think it’s too expensive, but misconceptions about price are common. With Ladder, you can apply online in minutes to get a no-obligation decision and see what your price might be. If you are healthy and under 35 years old, you could get life insurance for less than $20 per month.
6. 40% of Americans admit they don’t know much about life insurance.
When it comes to life insurance, most Americans acknowledge they are not experts. In fact, LIMRA estimates that 40% of people do not know how much coverage they need and what type of life insurance to buy. 60% of millennials feel this way. At Ladder, we feel term life insurance is the most attractive option for most families and we make it easy for you to figure out what you need with our online calculator and quick online application process. Life is busy, you shouldn’t have to add “become a life insurance expert” to your to-do list.
Our last four stats are specific to Ladder, how we make life insurance easier, and why we believe in the importance of life insurance.
7. 60% of our customers get life insurance on their smartphone.
We built a life insurance process for the modern world. People can access Ladder on the web or from their phones to complete an application and get an instant decision. In fact, 60% of our customers interact with us on their smartphones – no computer necessary. No commissioned agents, no paperwork, no hassle.
8. 55% of our customers figure out life insurance during their downtime.
With Ladder, you don’t have to schedule meetings and talk to someone during business hours to figure out life insurance. In fact, we find that 55% of our customers get life insurance outside of 9am – 5pm. They do it whenever it’s convenient for them, whether that’s early in the morning over coffee, or after the kids are in bed.
9. 11 years old is old enough to recognize the value of life insurance.
Jamie, our CEO, lost his dad when he was 11. The life insurance policy his dad had in place ensured that he, his brother and their mom could stay in their house, supported by their community during a difficult time in their lives. It also ensured that he and his brother could go to college. Jamie’s dad’s legacy is that he provided financially for his sons and wife, even after he was gone. Jamie founded Ladder to make it easier for more American families to get the coverage they need for their families – quickly and easily before it falls off of their “to-do” lists.
10. 4.5 minutes can change the rest of someone’s life.
Life insurance is one of those things people tend to put off because the process has been painful. At Ladder, the fastest a customer has gone from starting an application to taking an offer is 4.5 minutes. So, in less than five minutes, you could check life insurance off of your list and ensure that your loved ones will have financial security — and live the life you wanted for them — if something unexpected happens and you are no longer there to take care of them.
So if life insurance is something you’ve been debating, or meaning to check off your list, visit us at ladderlife.com today. We’re always glad to help!