Single Families: The Forgotten Market for Life Insurance

Single FamiliesMarried couples and families are the first demographic to come to mind when we think of people who would buy life insurance. But, according to a Pew Research study, only 51 percent of American adults are married.

While that statistic doesn’t mention whether those singles have any dependents, it’s pretty safe to say that is a huge pool of customers that shouldn’t be ignored. Single individuals are people who still need National Agents Alliance’s help in understanding the importance of life insurance.

While some people are better off financially than others, and have the cash to cover final expenses and cover any debt that they may have; chances are that there are more people who don’t have that luxury.

In order to find out how you can help a single individual has revealed some questions that you can ask to in order to help provide life insurance protection:

  • Do you provide financial support for aging parents or siblings?
  • Do you have substantial debt you wouldn’t want to pass on to surviving family members if you were to die prematurely?
  • Did family members pay for your education?

If they answer yes to any of these questions, then life insurance is something they definitely should consider.  In the event of an untimely death, this will provide peace of mind knowing that their children’s tuition will still get paid, their elderly parents will still receive the nursing care that they require and their family will not be left with a pile of debt.

The economic climate has also made “permanent life insurance an attractive asset class for the purpose of building a secure long-term rate of return for safe money assets. Cash value in traditional life insurance may provide a 3 percent to 5 percent long-term rate of return over a 20-year period. This can provide singles with money for opportunities, emergencies and retirement,” reports.

Furthermore, it’s important to express that the cost of purchasing life insurance is lower at young ages, which also allows them to protect their insurability for the future.

These are all valid reasons you need to express to your clients as to why life insurance is something they should seriously consider and how National Agents Alliance can help them.  Now, as Andy Albright would say, “Hammer Down!”

2 responses to “Single Families: The Forgotten Market for Life Insurance

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