February 13, 2018

If you’re like many Americans, your life insurance knowledge likely includes the fact that life insurance is a safety net. You understand, in other words, that it helps protect your loved ones from financial hardship if the unthinkable should happen to you. If you’re a small-business owner, your life insurance knowledge may even include the understanding that life insurance is especially important for you and your family. But how much do you actually know about life insurance? Seven out of 10 Americans quizzed by the Life Insurance and Market Research Association, or LIMRA, failed a 10-question basic life insurance knowledge test. This lack of understanding may explain why 37.5 million Americans have no life insurance. As a matter of fact, Americans are under-insured in this category by roughly $12 trillion.