Millennial Misconceptions of Life Insurance: a Barrier to Life Ownership

Insurance professionals will gather at the 2017 Life Insurance Conference to learn more about how to overcome these misconceptions.

WINDSOR, Conn., March 20, 2017 – New LIMRA research shows that 41 percent of Millennials believe they do not qualify for life insurance coverage, which might prevent them from considering purchasing it. Speakers and workshops during the 2017 Life Insurance Conference will shed light on what consumers are thinking and how to best educate them about the realities of life insurance.

“Inaccurate perceptions of life insurance keeps many Millennials from owning it,” said James Scanlon, HIA, senior research director, LIMRA. “At the same time, Millennials say that they’d be more likely to purchase life insurance if agents approached them and made it easier to understand. This conference is a great opportunity to share insights into what Millennials are thinking about life insurance.”

Opening the conference is LIMRA and LOMA President and CEO Robert Kerzner, who will discuss how forces such as consumer demographics, technology and regulation are influencing the financial services industry. Another featured speaker is Ron Insana, senior analyst of CNBC, who will be discussing “Trumponomics” and the long-run implications for Wall Street.

In addition to the speakers, there are several workshops planned that will explore product innovation and advances in underwriting, trends in consumer perceptions and behavior and the impact of Insurtech on the financial services industry. One of the workshops, led by Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner, will announce the findings of a joint study between LOMA and Gartner Research on key industry trends thought to have the most significant impact on the business strategy and vision.

The 2017 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries, and ACLI, will be held April 24-26, in Orlando. This year’s event is expected to attract more than 500 industry professionals from companies across the globe seeking to gain insight on the latest industry developments and equip themselves with solutions to address the complex challenges they face every day.

Members of the press are welcome to attend the event at no cost. Please email media contacts below for more details. For more information and to register, please visit The Life Insurance Conference: Strategic Response to Change.

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About LIMRA

LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at www.limra.com.

About LOMA

LOMA is committed to business partnerships with its over 1,200 world-wide members in the insurance and financial services industry. Our goal is to improve company management and operations through quality employee development, research, information sharing, and related products and services. Visit LOMA at www.loma.org

About SOA

With roots dating back to 1889, the Society of Actuaries (SOA) is the world’s largest actuarial professional organization with more than 27,000 actuaries as members. Through research and education, the SOA's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business and societal challenges. The SOA's vision is for actuaries to be the leading professionals in the measurement and management of risk. www.SOA.org

About ACLI

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. www.acli.com