Today, according to the 2023 Insurance Barometer Study, more than 100 million uninsured and underinsured Americans say they need (or need more) life insurance coverage.
Research shows owning life insurance increases feelings of financial security. Nearly 7 in 10 life insurance owners say they feel financially secure compared to less than half of non-owners.
Overall, 41% of Americans say they don’t have sufficient life insurance coverage. Many underserved markets recognize they have even greater insurance needs, including: 49% of Gen Z adults, 47% of Millennials, 44% of women, and 49% of Black and Hispanic adults.
This is increasingly critical since LIMRA research shows that nearly 4 in 10 families would face financial hardship within six months if the primary wage earner died. For 1 in 5 families, it would be within just one month.
This month is the perfect opportunity for our industry to engage and educate the many Americans who live with a life insurance coverage gap. Together, we can help them get the life insurance they need to protect their families and achieve financial security.
Below are resources that provide insights about what’s impacting life insurance ownership in 2023 and the vital role life insurance can play in providing financial security.