Seven in 10 Americans say life insurance is necessary. But despite that interest, 42% of Americans – or more than 100 million – say they live with a coverage gap.
That’s according to the 2024 Insurance Barometer Study by LIMRA and Life Happens.
The study goes on to reveal that the need for coverage is greatest among young adults, women, Hispanics and Blacks.
The study showed that although purchase intent remains high — 36% of U.S. adults say they plan to buy coverage this year — consumers’ intentions often get derailed because of their lack of knowledge and misconceptions:
- Only a quarter of consumers feel confident in their knowledge of life insurance.
- Half say they haven’t purchased it because they think it’s too expensive – although 7 in 10 overestimate the actual costs.
- Many who are uninsured or underinsured say don’t know what or how much they need, which often leads to procrastination.
September is Life Insurance Awareness Month, and LIMRA has launched its 2024 LIAM page, which includes the latest data and insights about what’s impacting life insurance ownership in 2024 and the role life insurance can play in providing financial security.
The page includes fact sheets and infographics as well as resources to engage and educate consumers.
At the LIAM page, you can download:
- The 2024 Life Insurance Fact Sheet, which digs deeper into the coverage gap and outlines how Americans use social media to learn about life insurance.
- The 2024 Workplace Benefits Fact Sheet, which lists reasons employees rely on workplace life insurance to protect their families.
- A fact sheet on “Building a Foundation for a Secure Future: Younger Generations and Life Insurance,” which presents Insurance Barometer Study responses from young adults on their views regarding the need for life insurance and where they receive information about it.
- A fact sheet on “Securing Hispanics’ Financial Security Through Life Insurance,” which describes Hispanics’ perceptions of life insurance and what the industry can do to engage the Hispanic market.
LIMRA’s 2024 LIAM page also includes content to share on social media. Videos on “Generation Z and Social Media” and “Americans and Wearable Trackers” are available to download and use as part of a social media campaign.
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