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Key Findings for the 2018 Insurance Barometer Study

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Annually Life Occurs and LIMRA be a part of forces to get the newest and best details about what customers are pondering in terms of their monetary issues in addition to what insurance coverages they do or don’t have—and why! And that’s simply the beginning.

The 2018 Insurance coverage Barometer Research additionally probes two “scorching subjects,” which this yr consists of getting life insurance and not using a medical examination and the way customers use social media and web sites to vet insurance professionals.

Listed below are a few of the key findings:

[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]


Customers really feel higher about their financial state of affairs and have a extra optimistic monetary outlook than in 2017. #2018Barometer
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Affording a cushty retirement stays folks’s prime monetary concern. #2018Barometer
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three in 5 adults have life insurance, both a private coverage or by way of work. #2018Barometer
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Virtually everybody (90%) thinks a household’s major wage earner must personal life insurance. #2018Barometer
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Greater than a 3rd (35%) of households would really feel the monetary affect inside 1 month, if the first wage earner died. #2018Barometer
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1 in 5 individuals who have life insurance say they don’t have sufficient. #2018Barometer
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1 in 5 who don’t have life insurance say they want protection. #2018Barometer
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2 in 5 Millennials say they need their partner/associate would purchase extra life insurance. #2018Barometer
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61% of individuals don’t purchase life insurance or extra of it as a result of they are saying they produce other monetary priorities. #2018Barometer
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44% of Millennials overestimate the price of life insurance by 5 occasions the precise quantity. #2018Barometer
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Millennials want life insurance info and training; they’re the almost certainly to be unsure about product sorts, protection quantities and qualifying for protection.
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Over half of Millennials say they’d analysis life insurance on-line, however buy from an insurance skilled. #2018Barometer
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About half of grownup customers visited a life insurance firm web site and/or sought life insurance info on-line. #2018Barometer
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Virtually 1 in three bought or tried to buy life insurance on-line. #2018Barometer
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29% of customers say they’d analysis and purchase life insurance on-line, up 7 proportion factors from 2016. #2018Barometer
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Half of all customers say they’re extra more likely to buy life insurance if it’s priced and not using a bodily examination. #2018Barometer
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“Quick and simple” is the profit that the majority customers (72%) like about simplified underwriting. #2018Barometer
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54% of Millennials are more likely to ask social-media connections for suggestions on a monetary skilled. #2018Barometer
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67% of customers say they might not do enterprise with an agent/advisor with an out-of-date web site. #2018Barometer
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Half of customers need a major monetary advisor: 37% have one, 14% are in search of one. #2018Barometer
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Over 40% of Boomers have a major monetary advisor, however only one in three Gen Xers and Millennials have one. #2018Barometer
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Half of Gen Xers and Millennial say they don’t need a major monetary advisor. #2018Barometer
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A 3rd of staff are involved about turning into sick or disabled and never with the ability to work, but solely 20% have incapacity insurance. #2018Barometer
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Virtually a 3rd of persons are fearful about long-term care, but solely 15% personal long-term care insurance. #2018Barometer
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[NOTE: If you use these stats in other materials, please source as “2018 Insurance Barometer Study, Life Happens and LIMRA”]



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