A recent study has revealed that only 46% of middle-market consumers in the United States own individual life insurance.

On September 2, the Life Insurance Marketing and Research Association (LIMRA) released the results of a study revealing what it describes as "a critical gap in protection".

Although 60% of US consumers in the middle market (defined as those aged 25-64 with annual household incomes of $35,000 to $99,999) have group life insurance, LIMRA points out that this coverage often is less than individual policies and is only in place while the person remains employed. One in four of those surveyed said they have no life insurance at all, and 51% said that they would have to make "a drastic or significant financial change" if a family member were to die.

"Life insurance is the one product that can help families keep a roof over their heads, provide for basic living expenses and allow time to recover and heal from the loss of a loved one," comments LIMRA president and CEO Robert Kerzner. "LIMRA's research shows that people do not fully understand the risks they take by not having adequate life insurance coverage."

Asked about how they want to purchase life insurance, half of middle-market consumers said they would prefer to deal face-to-face with a financial professional, and six in ten said it is very important that their advisor represent a respected brand.