In Touch With 21st - July 2013
What's Your Life Insurance IQ?
At a time when financial insecurity is a familiar feeling to many of us, it’s interesting to note that life insurance ownership is at an all-time low.1 In part, it may be because many of us just don’t understand life insurance. Worldwide research and consulting company LIMRA®, found an overall lack of awareness and education about why it’s needed and how life insurance products work.
LIMRA recently invited 4,000 Americans to take a life insurance IQ test designed to gauge their knowledge and comprehension of life insurance. Results: Less than a third could answer even half of the questions correctly, and less than one percent of those surveyed answered all 10 questions correctly.1
“One of the top reasons consumers give about why they don’t buy life insurance is because it is ‘too confusing,’ said Jennifer Douglas, LIMRA associate research director for strategic development and research. “The study shows that consumers with a better understanding of life insurance have a higher level of confidence in insurance companies than those less knowledgeable about life insurance.”
Find out your insurance IQ — take the LIMRA quiz.
Life insurance issued by Farmers New World Life Insurance Company, 3003 77th Ave. SE, Mercer Island, WA 98040.