Whole Life
Term Life
No. 1 Life insurance confuses them
Cost
Life insurance is complicated
Insurance realities for seniors The need for information spans all generations, with many seniors unaware of the reality around coverage amounts and premiums. They c an get li f e ins u ran ce Many seniors believe they’re not eligible for coverage due to health or age, but they can often get coverage u p to age 8 5. F a c e a m o u nts are lowe r Compared to when they were younger, seniors usually have lower coverage needs. F inal expenses will need to be addressed Even after death, e x penses are there. F inal e x pense coverage can help reduce the burden to your family.
They don’t know what they need. Our agents tell us their clients are generally uneducated about the difference between term and permanent life insurance.
Often their confusion follows common themes, according to LIMRA’s 2022 Insurance Barometer Study.
They think it’s too expensive.
Consumers think life insurance costs at
least three times more than it does.
They don’t know what they need. Thirty-one percent of uninsured consumers weren’t sure what type of insurance they needed or how much to get. Life insurance agents have a more intimate understanding of which carriers are best suited for health conditions. And approval can be easier than consumers think with the Ethos platform, which approves 95% of applicants. They think they aren't eligible. Your clients want you to bring the knowledge. Even if you’re not a licensed life agent, sharing the benefits of life insurance is a win for clients. “I really have to break down what term and whole life are. With term, I compare it to the president. You serve your term and are out. Whole life is how it sounds. It’s for the rest of your life.”
— 39-year-old Ethos agent
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