According to recent data from LIMRA, only 39% of U.S. households recall having an opportunity to buy life insurance in the past two years.

Single people were especially neglected. Only 26% could remember having the opportunity to buy, compared to 74% of married people. Yet, the single people reported being almost as likely to buy life insurance as people in married households (51% versus 58%).

Married or unmarried, the larger factor determining whether a household purchases coverage appears to be the presence of children under 18 in the household. Almost half of buyers have children living with them, compared to 38% of non-buyers.

The numbers lend support to earlier LIMRA research indicating single mothers are a largely untapped market for life insurance. One-third of single mothers who are the primary wage earners in their families had no life insurance coverage at all. Among those who did have coverage, two-thirds thought their families would only be able to cover living expenses for a few months if they were to die.

February is “Insure Your Love” month.  We encourage you to talk with your clients about their life insurance needs.  For more information, contact Patriot Life’s Rich Pomeroy at ext.2412.