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042622 The Secret to Financial Security? Owning Life Insurance, Survey Says...

 

The Secret to Financial Security?

Owning Life Insurance,

Survey Says

InsuranceNewsNet

Press Release

 

Arlington, Va. and Windsor, Conn., April 25, 2022

According to new findings from the 2022 Insurance Barometer Study,

conducted jointly by nonprofit industry trade associations LIMRA and

Life Happens, 2 in 5 parents say they are barely or not at all

Financially secure. This is increasingly critical, as most households

haven’t prepared for the loss of a primary wage earner…

44% say it would take less than six months to feel financial hardship

 if this happened to their family.

 

Life Insurance Key to Financial Security

 

Financial insecurity transcends generations and is highest among Gen

X (49%), followed by Millennials (44%), Gen Z (42%), and Baby

Boomers (33%). One way to ease these concerns is life insurance.

Two-thirds (68%) of life insurance owners report feeling financially

secure compared with 47% of non-owners. Those who feel most

secure are people who have life insurance both through the workplace

and through individual coverage (78%).

 

“Life insurance is the foundation of any strong financial plan,

and our results show it provides people with a sense of security

that many are looking for, especially after the last two years,” said

Faisa Stafford, LUTCF, president and CEO of Life Happens. “The lasting

impact of COVID remains at the forefront for many, with the pandemic

leading almost a third, or 31% of people, to say they are more likely to

buy life insurance in 2022.”

 

Gender Gaps Extends To Life Insurance Coverage

 

The need gap for life insurance… what people have versus what they

say they need… is at an all-time high (18 points), more than double what

it was 12 years ago. For the sixth consecutive year, the percentage of

uninsured women has increased. Just 46% of women report owning life

insurance, compared with 53% of men. However, a greater proportion of

women than men recognize they need (or need more) coverage

(44% versus 38%).

 

Despite their acknowledged need, just over a third of uninsured women

(36%) say they plan to buy life insurance in the next year. The reasons

women give for not having coverage include…

 

It’s too expensive… 39%

I have other financial priorities right now… 37%

I’m not sure how much or what type to buy… 22%

 

“There are still over 100 million people in this country who don’t own

enough life insurance” said David Levenson, president and CEO of LIMRA

and LOMA.  “And, while new policy growth jumped last year to the highest

levels since 1983, there is still a lot that our industry can do to ensure that

families are properly protected.”

 

Study Methodology


In January 2022, LIMRA and Life Happens engaged an online panel to

survey adult consumers who are financial decision-makers in their

households. The survey generated 8,517 responses. The results were

weighted to reflect the adult U.S. population.

https://insurancenewsnet.com/innarticle/the-secret-to-financial-security-owning-life-insurance-barometer-survey-says

 

Got Insurance?

 

It is probably much cheaper than you think!

 

Hayden Childs

Alabama Licensed Agent

(205) 269-1382

www.haydenchilds.net

 

I STILL MAKE HOUSE CALLS!

 


 

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