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LIMRA Consumer Research

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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.

Related Resources

 

The Financial Mindscape

 

LIMRA Unplugged

A video podcast series designed to explore issues and trends within the financial services industry.

Related Research

2017 Insurance Barometer Study

Apr 24, 2017

The Barometer Study tracks perceptions, attitudes, and behaviors relative to financial products, with a particular focus on life insurance.

Third Party Diligence and Monitoring Practices (2019 MarketScan)

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This MarketScan examines third-party risk management activities in terms of scope, frequency, and type. Data is based on responses from 19 carriers.

Group Annuity Risk Transfer

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Understand the trends from the quarterly sales, asset, and contract data in the group annuity risk transfer market.

Canadian Group Life and Health Insurance Sales

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Don't miss the latest sales trends in the Canadian group insurance market for life, long-term disability, and other types of health insurance.

Independent Insurance Agents: Facilitators of Income and Client Growth

Aug 12, 2019

Explore key growth drivers for independent insurance agents – and how can carriers position themselves to capitalize on this growth.


Meet the Project Director


For more information, please contact jscanlon@limra.com.