Affordable Life Insurance Protection for Your Family
LIMRA Life Insurance Awareness Month September, 2022
According to the industry research group LIMRA, there are at least 106 million Americans living with a life insurance coverage gap - either they don't have life insurance, or they don't own enough life insurance to meet their needs.
The global pandemic has raised awareness of how fragile life is and the importance of preparing for the unexpected, especially concerning life insurance which can provide financial security for your family's future, no matter what the future holds.
According to LIMRA research, 31% of Americans say they are more likely to buy life insurance as a result of COVID-19.
This is even higher across many demographics, including:
Our research also shows that people who own life insurance are more likely to feel financially secure. Nearly two thirds of insured Americans say they feel financially secure, compared with less than half of those uninsured.
Overall, 41% of Americans say they don’t have sufficient life insurance coverage. Many underserved markets have even greater insurance needs, including:
LIMRA research shows that Families would face Financial Hardship if Primary Wage Earner Died:
The Life Insurance Industry Statistics from NAIC
The life insurance industry in America is one of the most financially sound over the past 100+ years compared to other industries who required bailouts during financial difficulties.
Each year life insurance companies take in billions of dollars of premiums. Here are some of the key statistics and data relating to life insurance and how it is broken down by specific demographics to give you a clearer understanding of how people are currently viewing the need for life insurance and why they choose to get insured.
Keep in mind, the death rates for life insurance owners is on the rise resulting from the effects of COVID and the use of vaccinations, as confirmed by life insurance actuaries across the U.S.A.
The life insurance industry took a total operating loss for the life insurance products line of 44.90% in 2021 according to the National Association of Insurance Commissioners Report.
Operating Gain / Loss by Line of Business for 2021
Review of Current 2023 Statistics in the Life Insurance Industry
Amount of People Who Have Life Insurance Coverage
Knowing what percentage of Americans have life insurance and from where can be helpful in making understanding your own need for coverage.
Common Reasons People Buy or Don't Buy Life Insurance Coverage
There are many different reasons people decide whether or not to buy life insurance.
Survey data indicate large numbers of Americans are likely to share one or more of a few most-common rationales for their decision regarding life insurance.
Most Common Reasons for Not Buying Life Insurance
NOTE: Eight out of 10 consumers overestimate the expense of getting a life insurance policy, according to a study by LIMRA and Life Happens.
Most Common Reasons for Buying Life Insurance
Covid-19 and Life Insurance
The Covid-19 pandemic has impacted how we view and understand life insurance, and our basic need for life insurance protection.
American Council of Life Insurance on COVID and Life Insurance
American Council of Life Insurers (ACLI) Senior Vice President, Policy Development Paul Graham issued the following statement on social media misinformation relating to COVID-19 vaccines:
"A social media post appears to be behind the spread of entirely false information, suggesting a COVID-19 vaccine could be a factor a life insurer considers in the claims-paying process.
"The fact is that life insurers do not consider whether or not a policyholder has received a COVID vaccine when deciding whether to pay a claim.
"Life insurance policy contracts are very clear on how policies work, and what cause, if any, might lead to the denial of a benefit. A vaccine for COVID-19 is not one of them.
"Policyholders should rest assured that nothing has changed in the claims-paying process as a result of COVID-19 vaccinations.
"Policyholders should reach out to their life insurers, agents or financial professionals for their COVID-related questions. They will be happy to help."
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