Each year Life Happens and LIMRA join forces on the Insurance Barometer Study to get the latest and greatest information about what consumers are thinking when it comes to the financial concerns that are bothering them the most as well as what types of insurance they do or don’t have—and why! Take a look at some of the results and then just click to tweet them out!
The Financial Concern Index (FCI) dropped 9 points from 2017, suggesting consumers feel better about their economic situation and have a more positive financial outlook. #2018Barometer Share on X
42% of consumers say they are very or extremely concerned about saving for a comfortable retirement; 20% say it’s their top financial concern. #2018Barometer Share on X
Health coverage concerns consistently rank among consumers’ top financial worries. #2018Barometer Share on X
Living expenses are the top financial concern for 13% of consumers. #2018Barometer Share on X
Almost everyone (90%) believes a family’s primary wage earner needs life insurance. #2018Barometer Share on X
35% of households would feel the financial impact within 1 month, if a primary wage earner died. #2018Barometer Share on X
1 in 5 people who have life insurance say they don’t have enough. #2018Barometer Share on X
2 in 5 Millennials say they wish their spouse or partner would buy more life insurance. #2018Barometer Share on X
61% of people don’t buy life insurance or more of it because they say they have other financial priorities. #2018Barometer Share on X
44% of Millennials overestimate the cost of life insurance by five times the actual amount. #2018Barometer Share on X
Half of all consumers say they’re more likely to purchase life insurance if it’s priced without a physical exam. #2018Barometer Share on X
“Fast and easy” is the benefit that most consumers (72%) like about simplified life insurance underwriting. #2018Barometer Share on X
54% of Millennials are likely to ask social-media connections for recommendations on a financial professional. #2018Barometer Share on X
67% of consumers say they wouldn’t do business with an advisor with an out-of-date website. #2018Barometer Share on X
Half of consumers want a primary financial advisor: 37% have one, 14% are looking for one. #2018Barometer Share on X
If you are looking for the complete study, you can access it here. If you have any questions, reach out to support@lifehappens.org.
