A recent report shows that the majority of Americans don't have a good grasp of what life insurance actually costs, and financial advisers may not be giving them the information they need unless they ask about it.

The LIFE Foundation found that U.S. citizens think premiums for Virginia life insurance and from other providers are on average double what they are in reality, driving consumers away from essential benefits and financial security. Subsequently, half of all Americans don't have any life insurance and an additional 20 percent said they could use more comprehensive policies.

Another survey by Saybrus Partners found what might be lending to this misinformation; 56 percent of financial advisers don't inform their clients of term life opportunities and one-fifth feel uncomfortable discussing life insurance with customers entirely.

A spokesperson from Saybrus pointed out that those seeking advisement services typically seek comprehensive planning solutions, meaning those dealing with providers not knowledgeable in life insurance policies most likely won't pursue plans or have a reasonable idea of what they are or how they work. In order to improve these statistics, education of both consumers and financial advisers should be stressed.