Chances are, an amazing number of
your bank customers need life insurance.
Over 47 percent of all Americans
– at least 122 million people – have NO life insurance coverage.
This basic unmet life insurance need was estimated to be $5 trillion several years ago, and the number of uninsured people and households has only
percent of all households and 64 percent of all persons (47 million households and 166 million people) have no individual life insurance coverage.
Half of all households and two-thirds of individuals have no group life insurance protection.
(Click on the graph to enlarge.)
Furthermore, at least 80 percent of Americans who are insured are dramatically
Households with life insurance coverage have far less coverage than they need. The median amount for all adults is just $30,000.
All this spells
for bank life insurance sales.
"...$230,000 [is the] minimum per household average many [life] insurance consultants recommend." See Stephen Advokat, "The Facts of Life," The Detroit News & Free Press, July 3, 1994, page J1+. Only 16 percent of all adults have total life insurance coverage of $150,000 or more.