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 purchasing life insurance without a medical exam and how consumers utilize social media in vetting insurance professionals.
Here are some key findings from the study:

• Consumers are more optimistic about their economic situation compared to 2017.
• The top financial concern for many individuals is affording a comfortable retirement.
• 3 out of 5 adults have life insurance, whether through a personal policy or work.
• 90% believe that 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 individuals with life insurance feel they do not have enough coverage.
• 1 in 5 without life insurance recognize the need for coverage.
• Millennials express a desire for their spouse/partner to have more life insurance.
• Many people prioritize other financial needs over purchasing life insurance.
• Millennials tend to overestimate the cost of life insurance.
• Millennials are more uncertain about different types of coverage and qualifying for it.
• Millennials prefer researching life insurance online but ultimately purchase from an insurance professional.
• A significant portion of consumers seek life insurance information online and some even attempt to purchase policies through the internet.
• There is a growing trend of consumers researching and buying life insurance online.
• Simplified underwriting is favored by consumers for its convenience.
• Millennials often seek recommendations on financial professionals through social media.
• Out-of-date websites deter consumers from doing business with agents/advisors.
• Many consumers desire a primary financial advisor, but not all have one.
• Concerns about illness or disability without the ability to work exist among workers, yet only a fraction have disability insurance.
• Despite worries about long-term care, a small percentage actually own long-term care insurance.
  [NOTE: Please attribute these statistics to the "2018 Insurance Barometer Study, Life Happens and LIMRA"]