Tag: limra

Younger generations know the importance of life insurance but aren’t buying

Marc
Life Insurance - Young People sitting together

Gen Z and Millennials know how important the coverage is, but they aren’t shopping to that degree. According to a recent study, Gen Z and Millennials are well aware of the importance and benefit of having life insurance coverage, but they aren’t purchasing policies to a degree that reflects that understanding. The research found that those generations are slightly less covered than the average of all adults. The research was conducted by Life Happens, an insurance education organization, which published its results in the 2023 Insurance Barometer Study. Life Happens…

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Life insurance is not proving its importance to the Millennial generation

Julie Campbell
Life Insurance Statistics

September is the month that recognizes this type of coverage, but young people are not convinced. This month is Life Insurance month and while there are some demographics that have a tendency to recognize the benefit of carrying this type of coverage, for others, such as the Millennial generation, the importance of this protection is not as clear. September is seen as an important time to review the policy and ensure that it is still appropriate to current needs. Every September, the life insurance sector reminds consumers to consider their…

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Health insurance awareness is low in the US

Marc
Health Insurance News Consumer Survey

Survey shows consumers are confused about health insurance LIMRA, an insurance trade organization, has released the results of a recent survey it conducted within the U.S. The survey tasked consumers throughout the country to take a 10-question quiz concerning health insurance. The results paint a troubling picture for health insurance awareness within the country and suggest that efforts to educate consumers of the matter have fallen well short of their intended goals. With the Affordable Care Act inching closer to being fully realized, the lack of awareness among consumers may…

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Life insurance is vastly misunderstood among American consumers

H. Cutner
life insurance test

LIMRA has reported that 70 percent of people in the U.S. don’t understand the coverage. In the United States, ownership of life insurance has reached a historical low and a recent LIMRA study has suggested that it is likely because Americans don’t understand why it is needed or how the products in that sector actually work. The global consulting and research organization determined that there is a lack of understanding and knowledge. In order to come up with this claim, LIMRA applied a type of IQ test for life insurance…

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Report shows consumers think life insurance is almost three times more costly than it is

Julie Campbell
Life insurance

A study performed by LIMRA and the LIFE Foundation has revealed many consumer misunderstandings of life insurance coverage. LIFE Foundation and LIMRA released a report based on the findings of a joint study that has shown that consumers have many misunderstandings about life insurance – such as its cost – and that this might be deterring them from seeking to obtain coverage that could be very beneficial to them. The participants in the survey were requested to provide their best guess as to how much a 20-year level-term life policy…

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