The life insurance industry has a problem. Two recent studies have found that the industry needs to do a better job of communicating the need for and the cost of life insurance.

According to the 2012 Insurance Barometer Study, released in late April by the LIME Foundation and LIMRA, consumers on average believe life insurance costs three times as much as it actually does. For young people, the disparity between expectation and reality is even greater. Young people think insurance will cost seven times as much as it actually does, the study found.

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