Each year, Life Happens and LIMRA collaborate to gather insights on consumer attitudes towards financial concerns and insurance coverage. The 2018 Insurance Barometer Study delves into topics such as obtaining life insurance without a medical exam and how consumers utilize social media to evaluate insurance professionals.
Key Findings:
- Consumers are more optimistic about their economic situation compared to 2017.
- Affording a comfortable retirement remains the top financial concern.
- 3 in 5 adults have life insurance.
- 90% believe the primary wage earner in a family should have life insurance.
- 35% of households would feel the financial impact within a month if the primary wage earner passed away.
- 1 in 5 people with life insurance feel they do not have enough coverage.
- 1 in 5 without life insurance recognize the need for coverage.
- 2 in 5 Millennials wish their spouse/partner would purchase more life insurance.
- 61% of people prioritize other financial needs over buying life insurance.
- 44% of Millennials overestimate the cost of life insurance.
- Millennials require more information and education on life insurance.
- Over half of Millennials research life insurance online but prefer purchasing from an insurance professional.
- About half of consumers visit life insurance company websites or seek information online.
- Nearly 1 in 3 consumers have purchased or attempted to buy life insurance online.
- 29% of consumers plan to research and purchase life insurance online, a 7% increase from 2016.
- Simplified underwriting, with its "fast and easy" process, is favored by 72% of consumers.
- 54% of Millennials seek recommendations on financial professionals from social media connections.
- 67% of consumers avoid agents/advisors with outdated websites.
- Half of consumers desire a primary financial advisor, with 37% already having one and 14% in search of one.
- Over 40% of Boomers have a primary financial advisor, while only 1 in 3 Gen Xers and Millennials do.
- Half of Gen Xers and Millennials do not seek a primary financial advisor.
- 1 in 3 workers worry about illness or disability affecting their ability to work, yet only 20% have disability insurance.
- Almost a third of individuals are concerned about long-term care, but only 15% own long-term care insurance.
