Taking Americans’ Financial Pulse with the 2019 Insurance Barometer Study

Taking Americans’ Financial Pulse with the 2019 Insurance Barometer Study

Each year, Life Happens and LIMRA join forces to take consumers’ “financial pulse.” The 2019 Insurance Barometer Study continues to track Americans’ financial concerns as well as what types of insurance coverage they have or feel they need. We also explore some “hot topics” like gaining life insurance coverage through the easier, quicker simplified underwriting process, and how social media is changing the way people find financial professionals to work with.

Here are some of the key findings … for the complete study, go to www.lifehappens.org/barometer.

[NOTE: If you use these stats in other materials, please source as “2019 Insurance Barometer Study, Life Happens and LIMRA”]


Only 20% of Americans have disability insurance to protect their income, in case they get sick or injured and are unable to work. #Barometer2019
Click To Tweet



Over half of Americans thinks the cost of a term life insurance policy is 3x or more than its actual cost. #Barometer2019
Click To Tweet



42% of Millennials estimate the yearly cost for a $250,000 20-year term life insurance policy for a healthy 30 y/o at $1000+. Actual cost: $160/year. #Barometer2019
Click To Tweet



1 in 5 Americans is actively searching for a financial professional to work with. #Barometer2019
Click To Tweet



42 million people are currently in the market for financial guidance. #Barometer2019
Click To Tweet



34% of those looking for a financial professional say they’d research them via social media. #Barometer2019
Click To Tweet



Of those who are using social media to research financial professionals, half are Millennials. #Barometer2019
Click To Tweet



85 million Americans use social media to learn more about financial advisors. #Barometer2019
Click To Tweet



People like simple and easy, when it comes to getting life insurance. No surprise that half (47%) like this about simplified underwriting vs. traditional underwriting. #Barometer2019
Click To Tweet



117 million Americans say they’re more likely to buy life insurance if the process is simple, fast and transparent. #Barometer2019
Click To Tweet



Affordability and value are two obstacles that stop Americans from buying life insurance. But more than half overestimate its true cost by 3x or more. #Barometer2019
Click To Tweet



About 1 in 5 Americans said they're likely to buy a life insurance policy that combines features like long-term care. #Barometer2019
Click To Tweet



More consumers say they need insurance products than say they own them. #Barometer2019
Click To Tweet


Source: Life Happens

Taking Americans’ Financial Pulse with the 2019 Insurance Barometer Study

Comments are closed.