Life Insurance Myths and the Facts People Should Know
There are many misconceptions when it comes to life insurance. While most people understand life insurance is important to have, their lack of knowledge when it comes to such things as reasons to buy it, the actual cost of coverage, and the choices available to them can prevent them from taking the next step. In this email, we’ll cover some of the most common myths and highlight ways you can help clients and prospects overcome their hesitation, go over what life insurance can do for them and their loved ones, and discuss how Gerber Life’s products are designed to be budget‑friendly.
MYTH: Life insurance is too expensive2
More than 1/2 of Americans overestimate the cost of life insurance by as much as threefold.1
RESPONSE: It can cost a lot less than your clients and prospects may think
Gerber Life has an array of budget‑friendly products to meet a variety of needs. Plus, clients can receive discounts if premiums are paid using Automated Clearing House (ACH).
MYTH: Life insurance is too complicated2
REALITY: 31% of uninsured Americans say they have put off purchasing coverage because they don’t know what to buy or how much they need.2
TIP: Gerber Life’s suite of whole life insurance products is easy to understand and simple to buy, and does not require the use of illustrations. With the opportunity for simplified underwriting and quick decisions3 or guaranteed issue,4 in many cases, and the use of e‑Applications, the process for clients to buy our products is even easier and faster.
MYTH: Employer‑provided life insurance is enough5
55% of American workers believe the coverage they receive through their employer is enough.5
RESPONSE: It may not cover as much as your clients and prospects may think
With 54% of U.S. households relying on dual incomes,6 losing one income could be financially devastating for your clients and prospects. Gerber Life’s variety of whole life products can provide supplemental insurance to fill gaps in coverage.
We’ve developed two new consumer flyers that you can review with your clients and prospects. The first flyer will help you dispel myths about life insurance. The second flyer will help you discuss the reasons your clients and prospects should consider buying life insurance from Gerber Life.
1 2021 Facts About Life, LIMRA.
2 2022 Insurance Barometer Study, LIMRA and Life HappensSM.
3 Available for qualified simplified issue applications. Gerber Life will search databases for prescription history, motor vehicle records and medical information in order to provide an almost instant decision (within a minute) for most of the digital and telephone applications submitted during normal business hours.
4 Guaranteed coverage for Guaranteed Life requires that applicant is a U.S. Citizen residing in the U.S. or permanent legal resident. Total limit of all combined Gerber Life Guaranteed Life policies is $25,000.
5 Facts About Life 2021 Workplace Benefits, LIMRA.
6 Consumer Expenditure Survey, U.S. Bureau of Labor Statistics, 2020.