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3 scary consumer importance-protection gaps.

Byline: Allison Bell

The Council for Disability Awareness (CDA) set out to quantify a well-known challenge for disability insurers: the discrepancy between the importance of the physical ability to earn an income and actual purchase of disability insurance.

The group commissioned a survey of about 1,000 people to study the gap between what people say they value and what they actually insure.

The survey team created a list of nine things often seen as being important. The team asked the survey participants to identify the three items that they saw as being the most important, and separately, to identify the items that they saw as being the most important to protect.

See also: What if your clients' paychecks stop coming?

To find out which of the three things suffered from the biggest importance-protection gaps, read on.

1. Health: -2 percentage points

Health insurance is common, and 84 percent of the survey participants identified health as being important -- but only 82 percent identified health is an important thing to protect.

See also: 9 in 10 uninsured unaware of PPACA enrollment

2. Retirement income: -2 percentage points

Only 29 percent of the participants identified retirement income as important -- and only 27 percent identified it as something important to protect.

See also: Combatting consumer apathy

3. Income: -39 percentage points

About 68 percent of the participants agreed that income is important to protect, but only 28 percent identified income as something important to protect.

Meanwhile only 13 percent of the participants identified a car as being important, but 73 percent said protecting a car is important.

Just 5 percent said a cell phone is important, but 13 percent agreed that protecting a cell phone is important.

See also: 4 ways to sell Millennials on benefits

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Publication:National Underwriter Life & Health Breaking News
Date:Dec 11, 2014
Words:293
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