2022 Insurance Barometer Study
Owning Life Insurance Provides a Clear Path to Financial Security
For more information on this study, view our press release.
Establishing financial security is a challenge spanning all generations
- 1 in 10 respondents report they’d feel financial strain in one week if their household’s primary earner died
- Over 2 in 5 parents say it would take less than six months for financial hardship to set in
- Only 1 in 5 respondents say they have a safety net of five years or more
We know we need life insurance, yet the need gap persists
- 68% of life insurance owners feel financially secure compared to just 47% of non-owners
The unmet need for coverage rose significantly with the pandemic and remains elevated in 2022, revealing the lasting impact of COVID is still felt by many.
- 31% of respondents say they are more likely to buy life insurance in 2022
A lack of knowledge may lead some to avoid important conversations
- Almost half (42%) of respondents say they are somewhat or not at all knowledgeable about life insurance
- Millennials (16%) and Gen Z (16%) are more likely than other generations to say they would not qualify for coverage, which is often not the case.
At the same time, respondents are largely uncomfortable talking about end-of-life planning with their loved ones, revealing the importance of education and the need to reframe conversations about life insurance to focus on long-term health and wellness in order to build trust and close the need gap.