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\u2019t have\u2014and why! And that\u2019s just the start.<\/p>\n
The 2018 Insurance Barometer Study also probes two \u201chot topics,\u201d which this year includes getting life insurance without a medical exam and how consumers use social media and websites to vet insurance professionals.<\/p>\n
Here are some of the key findings:<\/p>\n
[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]<\/p>\nConsumers feel better about their economic situation and have a more positive financial outlook than in 2017. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nAffording a comfortable retirement remains people\u2019s top financial concern. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n3 in 5 adults have life insurance, either a personal policy or through work. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nAlmost everyone (90%) thinks a family\u2019s primary wage earner needs to own life insurance. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nMore than a third (35%) of households would feel the financial impact within 1 month, if the primary wage earner died. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n1 in 5 people who have life insurance say they do not have enough. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n1 in 5 who don\u2019t have life insurance say they need coverage. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n2 in 5 Millennials say they wish their spouse\/partner would buy more life insurance. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n61% of people don\u2019t buy life insurance or more of it because they say they have other financial priorities. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n44% of Millennials overestimate the cost of life insurance by five times the actual amount. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nMillennials need life insurance information and education; they are the most likely to be uncertain about product types, coverage amounts and qualifying for coverage. <\/a><\/span>Share on X<\/a><\/span>\nOver half of Millennials say they\u2019d research life insurance online, but purchase from an insurance professional. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nAbout half of adult consumers visited a life insurance company website and\/or sought life insurance information online. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nAlmost 1 in 3 purchased or attempted to purchase life insurance online. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n29% of consumers say they\u2019d research and buy life insurance online, up 7 percentage points from 2016. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nHalf of all consumers say they are more likely to purchase life insurance if it\u2019s priced without a physical examination. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n\u201cFast and easy\u201d is the benefit that most consumers (72%) like about simplified underwriting. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n54% of Millennials are likely to ask social-media connections for recommendations on a financial professional. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n67% of consumers say they would not do business with an agent\/advisor with an out-of-date website. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nHalf of consumers want a primary financial advisor: 37% have one, 14% are looking for one. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nOver 40% of Boomers have a primary financial advisor, but only 1 in 3 Gen Xers and Millennials have one. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nHalf of Gen Xers and Millennial say they don\u2019t want a primary financial advisor. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nA third of workers are concerned about becoming sick or disabled and not being able to work, yet only 20% have disability insurance. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\nAlmost a third of people are worried about long-term care, yet only 15% own long-term care insurance. #2018Barometer <\/a><\/span>Share on X<\/a><\/span>\n [NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n\n\n","protected":false},"excerpt":{"rendered":" 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\u2019t have\u2014and why! And that\u2019s just the start. The 2018 Insurance Barometer Study also probes two \u201chot topics,\u201d which […]<\/p>\n","protected":false},"author":4,"featured_media":1360,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[75,165,4,6,100],"tags":[129,166,64,171,168,167,172,169,170,14,66,65,128],"class_list":["post-1359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-planning","category-industry-issues","category-life-insurance","category-long-term-care-insurance","category-retirement-planning","tag-2018-insurance-barometer-study","tag-boomers","tag-disability-insurance","tag-financial-concerns","tag-financial-priorities","tag-gen-x","tag-gen-xers","tag-insurance-barometer-study","tag-life-happens-survey","tag-life-insurance","tag-limra","tag-long-term-care-insurance","tag-millennials"],"acf":[],"yoast_head":"\n