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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.

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