LIMRA and Life Happens have published the results of their 2022 Insurance Barometer Study. The new study surveyed 8,517 individuals and shows two key trends: life insurance is key to financial security and gender gaps extend to life insurance coverage.
Financial Security with Life Insurance
While financial insecurity affects all age groups, more life insurance owners (68%) report feeling financially secure than non-owners (47%). Additionally, the COVID-19 pandemic had increased awareness of the need for life insurance and 31% of those surveyed say they are more likely to buy life insurance this year.
Gender Gap Among Life Insurance Owners
The joint study also showed that the difference between how much insurance people have versus how much they think they need is higher than ever. A gender gap also exists with 46% of women reporting having life insurance compared with 53% of men. Female respondents reported their reason for not owning life insurance: it’s too expensive, they have other financial priorities, and they don’t know which policy to choose.
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