Disclaimer: This Inside South Florida segment is sponsored by Ethos. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
Most Americans know they should have life insurance, but new research shows that knowing and doing are two very different things.
72% of Americans wish they had started protecting their family sooner, according to new research from Ethos, a life insurance platform. Nicole Myers, chief underwriter at Ethos, says the data reveals a widespread gap between awareness and action.
"We found that around 70% of individuals knew they needed life insurance long before they ever bought it," Myers said.
The research found 30% of people waited almost a year to put a policy in place, while another 17% waited two years.
"We know that people aren't missing the message. They're aware that they need coverage. What they're missing is that moment to take action and actually purchase the policy," Myers said.
The number one reason people delay is the belief that coverage will be too expensive. But Myers said the actual cost often surprises people.
"43% of people we surveyed said if they had the actual cost in hand, they would have purchased a lot sooner. The average healthy 30-year-old can get coverage for around $1 a day. That's really meaningful to people," Myers said.
Beyond cost, major life milestones are among the most common triggers that prompt people to take a serious look at their coverage needs. Those include becoming a parent, getting married, buying a house, watching a loved one age, or losing a loved one.
67% of people surveyed said they would be concerned about their family's financial future if something were to happen to them.
"These big emotional life events are what usually swing people into action," Myers said.
Ethos has worked to simplify the process, which has historically been complicated and time-consuming. Myers said the platform has eliminated paper applications, medical exams, doctor's appointments, and blood tests, reducing the process to a 10-minute online application.
"This is something you can do at your son's soccer game on the sidelines," Myers said.
For more information or to get started, visit ethos.com.
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