State Of The Industry: Recent LIMRA Stats!
Click Here To Read The Full Article Now!
Life Insurance in a Time of COVID19
In January 2021, just 52% of consumers reported owning life insurance (e.g., individual,
employer sponsored, etc.), which is down from 63% in 2011.
Overall there are 102 million uninsured and underinsured Americans who know they need
(or need more) life insurance
Forty two percent of Americans say their household would face financial hardship within
six months should a wage earner die unexpectedly 25% would struggle financially
within a month.
COVID 19 has impacted consumers’ perceptions about life insurance. Six in 10
consumers said they had a heightened awareness about the value of life insurance and
31% said they were more likely to buy coverage in 2021 due to the pandemic.
Likelihood to buy life insurance due to COVID 19 is higher for Millennials (45%), Black
Americans (38%), men (33%) and those making over $150,000 per year (42%).
Of those who tested positive for COVID 19, 42% say there are likely to purchase life
insurance in 2021.
Black Americans and Life Insurance
The majority of Black Americans (56%) own life insurance, up three percentage points
from 2020.
Among Black Americans who own life insurance, two thirds say the primary reason they
own it is to cover burial costs and final expenses, significantly higher than the overall
population (48%).
Black Americans are more likely than the overall population to say they use social media
as a source of financial information. The top three sites used are Facebook (34%),
YouTube (30%) and Instagram (20%).
Black Americans turn to financial advisors at the same rate as the overall population
(43%). However, Black Americans are more likely than the general population to be
looking to engage a financial professional (30% versus 25%).
More than half of Black life insurance owners (51%) wish they’d purchased their policy at
a younger age.
#