09.26.23

What Agents and Advisors Can Do About the Life Insurance Coverage Gap

by: Allison Bell

Lincoln Financial’s Stafford Thompson Jr. hopes agents and advisors will observe Life Insurance Awareness Month by helping members of underserved communities get the coverage they need. Thompson, senior vice president of life and executive benefits business management at Lincoln Financial Group, points to survey data from LIMRA and Life Happens showing that 34% of Black U.S. adults and 39% of Hispanic U.S. adults need life insurance and do not have it; about 25% of white adults have that kind of coverage gap. Thompson recently wrote a blog post for Lincoln Financial about the need for insurers to do more to reach out to consumers in underserved communities and to work with them to maximize retention of policies already in force. In this interview, Thompson answered questions about what agents and advisors can do to close the coverage gap.

Read the full article on Think Advisor