Uninsured or Uninsurable?

Genworth published its 2012 LifeJacket Study this year and the results are startling. The issue that caught my attention is that a large number of people who have health issues view themselves as uninsurable. 

In reality – many of them can be issued ‘standard’ or even ‘preferred.’ Want to create some sales next week? When you talk to folks who have some of the following ‘ailments’ convince them that modern medicine and current underwriting have taken into account their situation and that there are really low rates available on term and universal life products for them.

According to the study, more than 118 million adults in the U.S. age 18 and above don’t have life insurance coverage, more than half the adult population (52%). This compares with 51% of U.S. adults who were uninsured in 2011.

2012: Entire U.S. Adult Population 18+ (226 million)

· 52% are uninsured; approximately 118 Million

· For those with Life Insurance, $152K is the average coverage amount

2011: Entire U.S. Adult Population 18+ (223 million)

· 51% are uninsured; approximately 114 million

· For those with Life insurance, $155K is the average coverage amount

*Mid-point averages were used in life Insurance coverage amount calculations.

Within each of the populations identifying with the health conditions below*, a sizable portion is uninsured:

· Anxiety: 15 million total, 8 million (53%) with no life insurance – STANDARD TO PREFERRED **

· Asthma: 13 million total, 7 million (54%) with no life insurance – STANDARD **

· Depression: 17 million total, 9 million (53%) with no life insurance – STANDARD **

· High cholesterol: 26 million total, 10 million (39%) with no life insurance – PREFERRED TO PREFERRED PLUS **

· Hypertension: 25 million total, 10 million (40%) with no life insurance – PREFERRED TO PREFERRED PLUS **

· Overweight: 24 million total, 11 million (44%) with no life insurance – STANDARD **

· Sleep apnea: 12 million total, 5 million (42%) with no life insurance – STANDARD **

** Suggested ratings added

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