The middle-income market is significantly underinsured when it comes to life insurance. So why aren't these households flocking to their bank to buy this product? After all, they should be open to recommendations from their bankers, where trust regarding financial matters already is well established.

Bankers are increasingly called upon to function as advisers and financial planners as well as traditional service providers. Life insurance can be an important addition to the array of products offered by licensed bankers and series 7 financial advisers, acting as a "protective wrapper" for savings, 529 plans, retirement products and debt.

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