2016 Insurance Barometer Study

For the sixth year, Life Happens partnered with LIMRA to produce the Insurance Barometer Study, which looks at consumer trends and consumers’ perceptions regarding life insurance, retirement and their financial well-being.

The study finds 66 percent of consumers say they are at least somewhat likely to recommend ownership of life insurance to others, an increase of 11 percentage points over last year. Nearly 9 in 10 consumers (86 percent) agree that most people need life insurance.

“We’re encouraged by Americans’ understanding of the need for life insurance and their openness to consider purchasing it," said Marvin Feldman, CLU, ChFC, RFC, president and CEO of Life Happens. "While not everyone who shows interest in life insurance ultimately buys it, increased awareness of the importance and benefits of a life insurance policy is a promising development.”

Broken out by demographics, 77 percent of Millennials were likely to recommend owning life insurance, as were three quarters of those who own any type of life insurance.

For the first time, this year’s Barometer Study looks at the use of wearable activity trackers and smart scales by Americans. The findings show that 51 percent of Millennials and 30 percent of people overall are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company in return for financial rewards for healthy behaviors; the number more than doubles (to 65 percent) when considering consumers who already use an activity tracker.

The results reveal that more than a quarter of Americans (27 percent) and a third of Millennials (33 percent) cite the potential to build a long-term relationship with an insurance company as a reason to share biometric data from a wearable activity tracker.

Enter your email address below for the full study, or if you’d like a copy of the press release announcing the 2016 Insurance Barometer findings click here.