LIMRA created this booklet of key facts from LIMRA and other sources to be used in educating people about the value of life insurance and annuities.
Key Findings
A majority of Americans believe that most people need life insurance, and identify several reasons for owning it such as paying for final expenses, replacing lost wages, and leaving an inheritance. However, when asked, half of U.S. households say they do not have enough life insurance – the highest proportion ever. In addition, having enough money for a comfortable retirement tops the list of Americans’ financial concerns. People are living longer and — as sources of retirement income shift from traditional Social Security and defined benefit pension plans — securing a sustainable retirement income has become more of an individual responsibility. Many of the 76 million Baby Boomers will rely on their assets in fixed and variable annuities to help maintain their lifestyle in retirement.
How do we quantify the value of these important products and communicate it to others? LIMRA has created The Facts of Life and Annuities to help companies educate people through speeches, articles, presentations, and other means about the value of life insurance and annuities.
Key Takeaways
Member company executives can use the facts in this report as they educate people through speeches, articles, presentations, and other means about the value of life insurance and annuities.
Would a better understanding of consumer attitudes, preferences, and experiences related to purchasing auto, homeowners, and life insurance from a single company help multi-line companies with their cross-selling efforts?
Jennifer Douglas is part of a team responsible for implementing and managing processes to ensure the quality of LIMRA’s research program. She conducts and provides guidance on select research initiatives ensuring quality, integrity, and relevance to the industry. Douglas began her career at LIMRA in 1998 as an analyst in Product Research, where she shaped LIMRA’s long-term care insurance research program. She received her bachelor's degree in mathematics from Central Connecticut State University and her master's degree in research, measurement, and quantitative analysis from Southern Connecticut State University.
Research Director, Member Benefits Quality and Performance
LIMRA
jdouglas@limra.com