Life Insurance Awareness Month has always been a good opportunity for credit unions to take stock of their life insurance programs, and step up efforts to ensure members understand the importance of this critical protection.
But the pandemic has brought new urgency to this product category and a new importance to these efforts. Coronavirus is causing members a wide range of financial and emotional stressors. Many could benefit from the peace of mind life insurance may provide, but a surprising percentage don’t have this protection.
Nearly half of your members don’t have life insurance.
According to the 2020 Insurance Barometer Study, conducted annually by LIMRA, as of January 2020 nearly half (46%) of Americans didn’t have life insurance.1
The impact of being without life insurance could be painful for most. This year’s Insurance Barometer found nearly half (44%) of respondents said their households would suffer financially within six months if they lost their primary wage earner. And 28% would feel the financial impact within a month.2
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