Recent LIMRA Life Insurance Statistics! 02/17/2022
The most recent research shows how life insurance is trending in an increasingly youthful, remote, and hybrid workforce. I thought I’d share a few highlights that stood out to me that might help you and your clients as 2022 gets underway:
- Younger workers are looking for coverage outside the workplace. When you consider in January 2020 that median job tenure was 2.8 years for workers 25 to 34 years old compared to 9.9 years for workers 55 to 64, you can see why many workers are pursuing life insurance policies separate from their employers.
- Many workers are choosing policies that allow them to adjust coverage over time, such as a term life policy with critical and chronic illness riders they can convert to permanent coverage later. Term life is more affordable when starting out but provides sufficient coverage for most workers.
- Securing a policy is much quicker than in the past. More companies are offering non-medical term and Universal Life for older ages and higher amounts. AIG, for example just increased their automated underwriting limit on term to $1,000,000 for clients under age 60.
- According to LIMRA, only about half of all Americans had life insurance in 2021 and 40% wish they had advice to buy coverage sooner. Remember, buying Life Insurance is never as inexpensive as it will be today and it is one of the most caring things your clients can do for family and loved ones.
