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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.

Fact Book on Retirement Income

Dec 2, 2022

This study provides an analysis of the retirement income market by different segments, demographics, or retirement status.

Taking the Pulse of Consumers in India: Global Consumer Pulse 2022

Dec 2, 2022

The biannual Global Consumer Pulse series provides a side-by-side comparison of life insurance-related metrics and sentiments from 12 key market consumers around the globe. This report centers on India.

U.S. Individual Life Insurance Sales

Dec 1, 2022

Size it up — quarterly U.S. individual life insurance sales results reported by 80 percent of the industry, as well as annual industry estimates and the comprehensive U.S. Individual Life Insurance Yearbook.

The Purchase Funnel

Nov 29, 2022

Millions of American households shopped for and purchased individual life insurance in the past two years.


Meet the Project Director


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