Industry Statistics

Did You Know?

  • 78% of those who own both worksite and individual life insurance feel secure.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • 29 million adults believe they don’t have enough coverage.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • Middle-income consumers who own life insurance are more likely than uninsured middle-income consumers to feel financially secure (59% versus 43%).

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • More than 4 in 10 middle-income consumers say they have little to no knowledge about life insurance.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • One quarter of middle-income consumers think life insurance is only to cover burial/funeral costs.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • 42% of Americans say their household would face financial hardship within 6 months should a wage earner die unexpectedly — 25% would struggle financially within 1 month.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • 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.

– 2022 Insurance Barometer Study by LIMRA and Life Happens

  • 23% of millennials expressed financial concerns of paying for medical expenses in case of illness or injury due to COVID-19.

– 2021 Insurance Barometer Study by LIMRA and Life Happens

  • The top reason people give for not purchasing coverage is that it is too expensive, yet, more than half of Americans overestimate the cost of life insurance three-fold.

– Facts About Life 2021 by LIMRA

  • Over half (55%) of Americans said this past year was the first time they spoke with a loved one about life insurance.

– 2021 Life’s New Appreciations and Priorities by Life Happens

  • In 2021, 3/4 of Americans said it’s important for them to get their finances in order this year.

– 2021 Life’s New Appreciations and Priorities by Life Happens

  • In 2020, 55.4 million – about 1 in 6 – sought medical attention for an injury.

– Injury Facts, 2020 Edition by National Safety Council