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 Security with Life Insurance
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.