Half of America’s households (about 58 million) claim to be underinsured when it comes to life insurance, according to a new study from LIMRA. The study, “Trillion Dollar Baby Growing Up,” revealed as much as $17.5 trillion in untapped sales potential for the life insurance market.
With life insurance ownership at a historic low, the opportunity in the industry has nearly doubled since a similar study was conducted in 2004. At that time, LIMRA estimated life insurance sales could increase $9.5 trillion if the 48 million households claiming to be underinsured purchased the coverage they said was needed. The new numbers reveal an even wider gap between what is being purchased and what households claim to need to purchase.
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