Each year Life Happens and LIMRA join forces to get the latest and greatest information about what consumers are thinking when it comes to their financial concerns as well as what insurance coverages they do or don’t have—and why! And that’s just the start.
The 2018 Insurance Barometer Study also probes two “hot topics,” which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.
Here are some of the key findings:
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
Consumers feel better about their economic situation and have a more positive financial outlook than in 2017. #2018Barometer Share on X Affording a comfortable retirement remains people’s top financial concern. #2018Barometer Share on X 3 in 5 adults have life insurance, either a personal policy or through work. #2018Barometer Share on X Almost everyone (90%) thinks a family’s primary wage earner needs to own life insurance. #2018Barometer Share on X More than a third (35%) of households would feel the financial impact within 1 month, if the primary wage earner died. #2018Barometer Share on X 1 in 5 people who have life insurance say they do not have enough. #2018Barometer Share on X 1 in 5 who don’t have life insurance say they need coverage. #2018Barometer Share on X 2 in 5 Millennials say they wish their spouse/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 Millennials need life insurance information and education; they are the most likely to be uncertain about product types, coverage amounts and qualifying for coverage. Share on X Over half of Millennials say they’d research life insurance online, but purchase from an insurance professional. #2018Barometer Share on X About half of adult consumers visited a life insurance company website and/or sought life insurance information online. #2018Barometer Share on X Almost 1 in 3 purchased or attempted to purchase life insurance online. #2018Barometer Share on X 29% of consumers say they’d research and buy life insurance online, up 7 percentage points from 2016. #2018Barometer Share on X Half of all consumers say they are more likely to purchase life insurance if it’s priced without a physical examination. #2018Barometer Share on X “Fast and easy” is the benefit that most consumers (72%) like about simplified 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 would not do business with an agent/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 Over 40% of Boomers have a primary financial advisor, but only 1 in 3 Gen Xers and Millennials have one. #2018Barometer Share on X Half of Gen Xers and Millennial say they don’t want a primary financial advisor. #2018Barometer Share on X A third of workers are concerned about becoming sick or disabled and not being able to work, yet only 20% have disability insurance. #2018Barometer Share on X Almost a third of people are worried about long-term care, yet only 15% own long-term care insurance. #2018Barometer Share on X[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]
