LIAM updates: Podcast debunks 5 myths about life insurance; Guardian releases educational videos

There are many myths circulating around consumers’ perceptions about life insurance. For example, do consumers believe life insurance is irrelevant? How do they want to purchase life insurance? Is life insurance only for the rich?

As part of its support of the September Life Insurance Awareness Month campaign, LIMRA has a new podcast that can help producers dispel these myths when talking to clients and prospects. LIMRA Research Director Alison Salka and Chief Membership Officer Jim Kerley address some of the most common myths about life insurance in the new LIMRA Unplugged episode, which can be viewed at this link: Debunking Five Myths About Life Insurance Ownership in the U.S.

LIMRA Unplugged is a video podcast series designed to explore key issues and trends within the financial services industry. Hosted by Salka and Kerley, the series combines LIMRA research with real-world insights to offer an in-depth understanding about market challenges and opportunities.

According to the most recent LIMRA U.S. life insurance ownership study, 60 million American households need more life insurance. On a positive note, only 1 in 5 households with children under 18 are uninsured — 3.7 million fewer households, compared with 2010 results (the last time LIMRA conducted the study). Yet, among the uninsured households:

• 4 in 10 say they would immediately have financial trouble if a primary wage earner died today.

• 3 in 10 would have trouble keeping up with basic living expenses after several months.

As part of its support of this year’s LIAM campaign, LIMRA has gathered facts, charts, and other resources – including the video podcast – in one place to help producers communicate the need for coverage to prospects and clients. To view these resources, please visit LIMRA’s LIAM 2017 landing page.

New Guardian videos demonstrate value of whole life

As part of its support of the September Life Insurance Awareness Month campaign, Guardian Insurance recently released a collection of videos depicting real-life clients who have used whole life insurance to better cope with life-changing events. The videos demonstrate the value of how whole life insurance offers a comprehensive way to protect individuals and their loved ones from the unknown.

• Alan and Rebecca Tinker worked with Guardian to prepare for retirement through whole life insurance, annuities and Guardian’s financial management tool, The Living Balance Sheet. The Tinkers’ strategic investment has given them the financial security to enjoy the life they’ve worked hard to build.

• Brad Hoffner lost both his partner and his mother within a short period of time. Although he believed he no longer needed a whole life insurance policy, his Guardian agent worked with him to stay the course and use his policy to begin a new chapter in his life.

• Jonathon Wagner, a long-time dentist, worked with his Guardian agent to help put in place a financial plan to protect his family and to help him develop new business strategies after an economic downturn.

• Mike and Marianne Carpenter’s foresight to protect themselves with whole life insurance enabled their family to endure the most challenging circumstances and to start rebuilding their lives after Marianne’s passing.

While no one is ever really prepared for disaster, the videos help communicate how an investment into life insurance can help safeguard loved ones as well as set up a stable and flexible retirement asset.