A new LIMRA study finds 1 in 4 adult Americans cannot name a single company that sells life insurance and a majority (56%) are unable to name three life insurance companies.

Regulators and industry representatives are inching closer to a middle ground to save the controversial multipliers and bonuses that many blame for rosy indexed universal life illustrations. Regulators held another call Tuesday to discuss amending Actuarial Guideline 49 to tighten up illustrations.

Every year, millions of dollars in life insurance benefits go unclaimed because beneficiaries are unaware of the coverage or don’t have basic information about the policies. The level of knowledge about life insurance policies varies according to generational cohort.

Accelerated underwriting holds the promise of being able to cut the agent’s time spent selling a $500,000 policy from 20 hours to roughly five, one industry expert says. That could mean a lot more policies sold to a middle market that is woefully lacking in life insurance coverage.

LIMRA is realigning in response to a rapidly changing insurance environment. The association found that its members needed more tools to be efficient in their services and better informed in their product development. LIMRA has already introduced new platforms to help companies in this challenging market.