New research by LIMRA and Life Happens shows two significant trends: life insurance is key to financial security and gender gaps extend to life insurance coverage.
Financial insecurity affects all age groups, but one thing is clear: having life insurance increases Americans' feeling of financial security. 68% of life insurance owners feel financially secure compared with 47% of non-owners, and those who feel most secure have coverage both through their employer and a separate individual policy. The study also showed that the COVID-19 pandemic had increased awareness of the need for life insurance, with 31% of those surveyed saying they are more likely to buy life insurance in 2022.
The research also revealed a gender gap in life insurance ownership with 46% of women reporting having life insurance compared with 53% of men. Female respondents reported their reason for not owning life insurance: it’s too expensive, they have other financial priorities, and they don’t know which policy to choose. Finally, the data showed that the difference between how much insurance people have versus how much they think they need is higher than ever.
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About LIMRA®
Serving the industry since 1916, LIMRA helps to advance the financial services industry by empowering more than 700 financial services companies worldwide with knowledge, insights, connections, and solutions. Visit LIMRA at www.limra.com.
Media Contacts
Catherine Theroux, (860) 285-7787, ctheroux@limra.com
Brooke Lacey, (860) 293-3920, blacey@limra.com