LIMRA Consumer Research
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.
