LIMRA Consumer Research
2018 Insurance Barometer
James T. Scanlon, M.S., HIA; Karen R. Terry, FLMI; Maggie Leyes 4/9/2018
Summary
Industry Issues
- Consumer financial attitudes and behaviors
- Ownership rates for life, disability, and long-term care insurance
- The appeal of simplified underwriting
- The importance of social media for financial advisors
Key Findings
- Protection against loss: More than one third (35 percent) of all households would feel adverse financial impacts within one month if a primary wage earner died.
- Feelings about coverage: Among those with life insurance, about 1 in 5 say that they do not have enough.
- Shopping for coverage: Half of all adults visited a life company website and/or sought life insurance information online in 2017. Almost 1 in 3 purchased or attempted to purchase life insurance online — about the same as in 2016
- Purchase barriers: Consumers overestimate the cost of life insurance, especially younger generations; 44 percent of Millennials overestimate the cost at five times the actual amount.
- Simplified underwriting: Half of all consumers say they are more likely to purchase life insurance if priced without a physical examination.
- Social media: The importance of social media platforms is growing, especially among younger generations. Fifty-four percent of Millennials are likely to ask social media connections for recommendations on financial professional.
- Financial advisors: Half of all consumers want a primary financial advisor; 37 percent have one; 14 percent are looking for one.
Latest Version of this research
- Research Abstract
- Distribution Channels
- Direct-to-Consumer
- Consumer
- Generations
- Individual Insurance
- Workplace Benefits
- Retirement
- Retirement Planning
- Technology
- Retirees and Pre-Retirees
- Insurance Products
- Disability Insurance
- Health Insurance
- Life Insurance
- Long-Term Care Insurance
- Medical Insurance
- Operations/Administration
- Underwriting
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Meet the Project Director
James T. Scanlon, M.S., HIA
Scanlon directs a team of LIMRA researchers focused on insurance product and service marketing. His program includes one-time topical studies, as well as recurring surveys that track consumer behaviors and ownership levels over time. Scanlon conducts projects with a focus on key consumer segments, including the middle market, affluent markets, and small-business owners. He holds an M.S. in resource economics from the University of Massachusetts, where he also earned a B. A. in economics.
Assistant Vice President, Insurance Research — Markets
LIMRA
jscanlon@limra.com
