Key Findings for the 2018 Insurance Barometer Study

April 10, 2018 | Maggie Leyes | 

Each year Life Happens and LIMRA join forces to get the latest and greatest information about what consumers are thinking when it comes to their financial concerns as well as what insurance coverages they do or don’t have—and why! And that’s just the start.

The 2018 Insurance Barometer Study also probes two “hot topics,” which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.

Here are some of the key findings:

[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]

Consumers feel better about their economic situation and have a more positive financial outlook than in 2017. #2018BarometerCLICK TO TWEETAffording a comfortable retirement remains people’s top financial concern. #2018BarometerCLICK TO TWEET3 in 5 adults have life insurance, either a personal policy or through work. #2018BarometerCLICK TO TWEETAlmost everyone (90%) thinks a family’s primary wage earner needs to own life insurance. #2018BarometerCLICK TO TWEETMore than a third (35%) of households would feel the financial impact within 1 month, if the primary wage earner died. #2018BarometerCLICK TO TWEET1 in 5 people who have life insurance say they do not have enough. #2018BarometerCLICK TO TWEET1 in 5 who don’t have life insurance say they need coverage. #2018BarometerCLICK TO TWEET2 in 5 Millennials say they wish their spouse/partner would buy more life insurance. #2018BarometerCLICK TO TWEET61% of people don’t buy life insurance or more of it because they say they have other financial priorities. #2018BarometerCLICK TO TWEET44% of Millennials overestimate the cost of life insurance by five times the actual amount. #2018BarometerCLICK TO TWEETMillennials need life insurance information and education; they are the most likely to be uncertain about product types, coverage amounts and qualifying for coverage.CLICK TO TWEETOver half of Millennials say they’d research life insurance online, but purchase from an insurance professional. #2018BarometerCLICK TO TWEETAbout half of adult consumers visited a life insurance company website and/or sought life insurance information online. #2018BarometerCLICK TO TWEETAlmost 1 in 3 purchased or attempted to purchase life insurance online. #2018BarometerCLICK TO TWEET29% of consumers say they’d research and buy life insurance online, up 7 percentage points from 2016. #2018BarometerCLICK TO TWEETHalf of all consumers say they are more likely to purchase life insurance if it’s priced without a physical examination. #2018BarometerCLICK TO TWEET“Fast and easy” is the benefit that most consumers (72%) like about simplified underwriting. #2018BarometerCLICK TO TWEET54% of Millennials are likely to ask social-media connections for recommendations on a financial professional. #2018BarometerCLICK TO TWEET67% of consumers say they would not do business with an agent/advisor with an out-of-date website. #2018BarometerCLICK TO TWEETHalf of consumers want a primary financial advisor: 37% have one, 14% are looking for one. #2018BarometerCLICK TO TWEETOver 40% of Boomers have a primary financial advisor, but only 1 in 3 Gen Xers and Millennials have one. #2018BarometerCLICK TO TWEETHalf of Gen Xers and Millennial say they don’t want a primary financial advisor. #2018BarometerCLICK TO TWEETA third of workers are concerned about becoming sick or disabled and not being able to work, yet only 20% have disability insurance. #2018BarometerCLICK TO TWEETAlmost a third of people are worried about long-term care, yet only 15% own long-term care insurance. #2018BarometerCLICK TO TWEET

[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]