Some groups still underrepresented when it comes to life insurance

The number of people who obtained life insurance – often for the first time – has risen slowly but surely over the several years since the end of the recession. However, industry experts still believe more can be done to reach certain segments of the population who disproportionately go without such coverage even when it's in their best interest to have it. Identifying both what these groups are and the reasons why they do not yet have life insurance can go a long way toward bridging those remaining gaps.

One such group is millennials, which life insurance industry insiders have long identified as being crucial to the sector's future, according to a report from Insurance News Net. And while there is a growing percentage of the young adult population that's at least exploring – if not investing in – such coverage for themselves and their families, the number could certainly stand to improve. Some of the issues many millennials have with obtaining life coverage is that they aren't sure they need it in the first place, they think it's more expensive than it actually is, and messaging from the industry doesn't really appeal to them.

More young families may need to invest in life insurance.

What might sway them?
In general, the more that can be done on the part of the life insurance industry to reach young people and help them explain the ways in which such coverage will be a benefit to them, the more likely they will be to see the value of it, the report said. But with this in mind, it's not always easy to bridge that initial gap. As such, it might be wise for insurers to have a “life insurance need” calculator available to potential clients so they can see exactly how helpful such coverage would be in the event of their untimely deaths.

Moreover, the ability of people to understand the various life insurance options available to them may be limited, and the advice available online might not always be illuminating, the report said. As such it might be important to help people understand the difference between term and whole life, as well as the myriad other options available to them.

Women are under-covered as well
In addition, women in general are shown to be covered less often than men, according to a report from Benefits News. The latest industry data shows that 62 percent of men have life insurance, but only 56 percent of women do. This disparity has grown over the past six years; in 2010, those same numbers were 61 percent and 57 percent, respectively.

The more life insurers can do to help both individuals and families understand the issues and options, the better off they're likely to be when it comes to making the decisions that will work best for them and their loved ones.