LIMRA recently surveyed 4,000 respondents about life insurance. In the 10 question survey, most scored less than half correct and only 1% answered all questions correctly. How would you score on this test?

“It is important that the industry not only overcome consumers’ lack of knowledge about life insurance but address the misinformation that is out there confusing them and possibly having a negative impact of their image of the industry,” Jennifer Douglas, LIMRA associate research director for strategic and developmental research said in a statement.

Consumers want to understand what they are have or are buying. “One of the top reasons consumers give about why they don’t buy life insurance is because it is ‘too confusing’,” Douglas added.

If you don’t know what you(r clients) are being charged for cost of insurance charges (COIs), fixed administration expenses (FAEs), cash-value-based “wrap fees” (e.g., M&Es) and premium loads then you/they don’t know if/when they are being over-charged, or if/when you/they should be expecting a reduction in charges.

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Use the Veralytic Reports to determine the appropriateness of pricing, the reasonableness of performance expectations for invested assets underlying policy cash values, and overall suitability for your (client’s) policies based on the 5 factors of suitability. Click here and get up to 3 Veralytic research reports under our NO-Risk trial subscription.