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Insurance Barometer

Securing the Future

42% of American adults say they need (or need more) life insurance, representing a life insurance need-gap for about 102 million adults. This is a two-point rise from 2021.

New data from the 2024 Insurance Barometer Study, from LIMRA and Life Happens, suggest that life insurance ownership remained steady with half of Americans reporting they have coverage.

Who Needs It Most?

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Gut Check: Understanding the True Cost of Ownership



Top Financial Concern by Generation

Gen Z's concern about their financial situation has increased 8 percentage points in two years. We can assume much of this increase is attributed to the soaring costs of housing and other cost of living components. As the oldest Zs approach 30, marriage and children become realities - along with a greater need for protection products such as life insurance.

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0355-2024 Barometer Infographic Web Posting_End photo.pngMany consumers are aware they need (or need more) life insurance, presenting a critical opportunity for the industry to engage, raise awareness, and educate on the importance of life insurance. Understanding the varying levels of financial stress at different life stages for generations is important for aiding and educating prospective life insurance buyers, which over time can bridge the need-gap, and simplify the complicated world of life insurance for consumers.

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