{"id":3568,"date":"2023-10-10T16:08:28","date_gmt":"2023-10-10T20:08:28","guid":{"rendered":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/?p=3568"},"modified":"2024-07-01T07:33:48","modified_gmt":"2024-07-01T11:33:48","slug":"limra-provides-latest-life-insurance-data","status":"publish","type":"post","link":"https:\/\/www.amalgamatedbenefits.com\/amalgamated-life\/limra-provides-latest-life-insurance-data\/","title":{"rendered":"LIMRA Provides Latest Life Insurance Data"},"content":{"rendered":"
\"LIMRAs<\/figure>\n

In its latest Life Insurance Fact Sheet, LIMRA offered its latest findings regarding life insurance ownership, purchasing reasons and methods of buying life insurance policies.<\/p>\n

Ownership Data<\/h2>\n

It reported that in January 2023, 52% of consumers indicated they owned life insurance either purchased individually or gained through employer sponsored coverage. This represents a slight increase over the 50% figure in 2022, but a decline from the 63% figure in 2011. Still, there remains over 100 million uninsured and underinsured Americans. This is despite the finding that 38% of Americans expressed that their households would experience financial hardship within one month with the unexpected death of a wage earner and 30% would face financial struggles.<\/p>\n

Twenty one percent (21%) of life insurance owners noted that they did not have adequate coverage, 15% of individual life insurance owners said that the COVID-19 pandemic prompted their purchase of life insurance, and one third of Generation Z adults said the pandemic was also the reason they purchased life insurance. Regarding race as a factor in life insurance ownership, 45% of Hispanic Americans own life insurance which is lower than other racial groups. Black and white Americans\u2019 ownership rate is almost 10 percentage points higher than Hispanic Americans. Women too own less life insurance than men. Only 49% of women own life insurance versus 55% of men. Further, only 22% of women indicate that they are very knowledgeable about life insurance compared to the 33% of men who say they are very or extremely knowledgeable about life insurance. While 43% of uninsured or underinsured women say they need (or need more) life insurance, only 39% of women planned to purchase it in 2023 citing other financial priorities or being uncertain as to how much life insurance or what type to buy.<\/p>\n

Life Insurance Ownership among Parents<\/h3>\n

Fifty nine percent (59%) of parents own life insurance, which grew 5 percentage points in 2022 and is higher than the general population. Fifty six percent (56%) of parents who own life insurance noted they do so to cover burial costs and final expenses; which is lower than the overall population (60%). Parents typically rely on financial advisors more than the overall population with 28% engaging them versus 24%. Thirty eight percent (38%) of parents also indicated that they are very or extremely knowledgeable about life insurance compared to 27% of all Americans.<\/p>\n

Why Americans Do\/Don\u2019t Buy Life Insurance<\/h4>\n

LIMRA also shared its findings as to the reasons Americans purchase life insurance or don\u2019t. Here are the top reasons for buying\/not buying life insurance based on LIMRA\u2019s findings:<\/p>\n