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
Related Research
2017 Insurance Barometer Study
The Barometer Study tracks perceptions, attitudes, and behaviors relative to financial products, with a particular focus on life insurance.
U.S. Individual Annuity Yearbook
Read the most comprehensive overview and gain insights to the key factors impacting the U.S. individual annuity market. 2025 Year in Review added.
Healthcare Cost Impact on Workplace Benefits
Discover how rising healthcare costs are reshaping workplace benefits—and how smarter strategies can protect budgets, employee well-being, and trust.
U.S. Worksite/Voluntary Sales and In Force
Results are in! View the latest market stats on 100 percent-employee-paid products sold at the workplace. New Q2 2026 data.
Risky Business: Managing Regulatory and Fiduciary Risk in Defined Contribution Plans
Today’s increasingly complex — and litigious — environment poses challenges for the employers who choose to sponsor a workplace retirement investment program, and for the financial advisors who counsel and guide them. This report explores how defined contribution (DC) advisors understand these risks, how they counsel their clients, and what they look for in terms of help from service providers.
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
