Life Insurance

Why coverage gaps persist and how certain products can help guide more effective strategies to address them.

The life insurance industry is experiencing strong growth in premiums and policy sales. Here’s how agents can keep up.

“For the family, it is the love letter that someone can leave to another member that protects and benefits them,” says independent agent David Wasson. “It can be useful for everything from final expenses and loan protection to creating an estate.”

“I anticipate continued increases in professional liability premiums, particularly for higher-risk placements like physicians, surgeons and wound care professionals,” says independent agent Andy Clark. “These roles have become increasingly difficult to insure affordably.”

“We see challenges with LTC (long-term care) adoption rates,” says independent agent Kelly Augspurger. “In my opinion, it’s an awareness and education issue because people don’t know what they don’t know.”

“Everything is always changing in the health care industry and unfortunately, it’s not always in the best interest of the insured,” says independent agent Felicia Ethridge. “One of the biggest challenges is trying to keep up with the changes and updates from the government.”

As Generation Z becomes an increasingly significant part of the workforce, employers must rethink their approach to retention and benefits.

September is Life Insurance Awareness Month and provides an opportunity to dispel misconceptions and educate the many Americans who live with a life insurance coverage gap.