In recent years, life insurance rates have declined even as Internet solicitations for the coverage have expanded exponentially.

For the past four decades, insurance companies that used general agencies as their life insurance distribution network reduced the number of agents at their disposal. Today, most insurance companies broker many of their products through independent insurance agents and brokers. But many p-c customers do not realize their agencies also offer life insurance.

Sure, many agencies display a small sign somewhere in the office and list life insurance as a specialty on their website. But most don't foster a life insurance or employee benefits sales culture in the agency. And it doesn’t help that financial literacy is generally waning among Americans.

September is Life Insurance Awareness Month, and it’s a good reminder that independent agents have an enormous sales opportunity in educating the public about the importance of securing adequate and affordable life insurance.

The current push is to educate millennials, young families and those just beginning their careers about the importance of planning for a sound financial future. Now in its 10^th year, Life Insurance Awareness Month is an annual campaign coordinated by Life Happens, a non-profit organization working to educate Americans about the importance of life insurance as part of a comprehensive financial plan.

According to the 2014 Life Happens/LIMRA Insurance Barometer Study, Americans under the age of 25 are more concerned than any other age group about leaving dependents in a difficult situation if they were to die prematurely. While many people under 25 may not have started families or gotten married, recent college graduates have significant college loans.

Consider an agency working on an auto insurance and renters policy for a young person—does the agency typically ask the prospect if he or she has any financial dependents? Although the typical millennial may not, what if the agent asked about college or other loans and whether anyone co-signed on the loan? If the prospect’s parents co-signed on his or her college loans, the logical follow-up question would be, “Do you have life insurance so that in the event something happens to you, the co-signer won't be on the hook to pay for your loans?"

It’s the perfect introduction for the agent to provide a proposal explaining how inexpensive life insurance can be—a particularly important note considering the study found that 63% of consumers cite cost as their reason for not purchasing life insurance.

In fact, more than 80% of Americans misjudge the true cost of life insurance. In general, consumers assume life insurance costs three times as much as it does in reality; those under the age of 25 overestimate it costs 10 times more. That’s where you come in.

Educating consumers about the actual cost of life insurance is an invaluable service for your clients. Most of your customers will not come in contact with a dedicated life insurance agent. It’s a win-win to position the independent agency as a broad-based resource that can address a variety of life objectives, including not only auto, home and business but also life, health and financial services.

Dave Evans is a certified financial planner and an IA contributor.