2018 Insurance Barometer

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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