WINTER 2021 5
Life insurance in a time of COVID-19
2021
2011
52 % 63 %
In January 2021 , just 52 % of consumers reported owning life insurance ( e . g ., individual , employer-sponsored , etc .), which is down from 63 % in 2011 .
Changing views
As 2021 nears its end , the industry sees significant changes in viewpoint and interest in life insurance . The
2021 Insurance Barometer Study by LIMRA and Life Happens reveals a change in the buying likelihood within all demographics .
Overall there are
102 million
Americans
uninsured and underinsured and who know they need ( or need more ) life insurance coverage .
COVID-19 has impacted consumers ’ perceptions about life insurance .
60 %
31 %
Should a wage earner die unexpectedly Americans say their household would face financial hardship within
6 months
1 month
25 %
42 % have a heightened awareness about the value of life insurance are more likely to buy coverage in 2021 due to the pandemic
Likelihood to buy life insurance due to COVID-19
Millennials ( 22-40 )
Black Americans
Men
Earning over $ 150,000
45 %
38 %
33 % 42 %
Of those who tested positive for COVID-19 ,
42 %
say they are likely to purchase life insurance in 2021 .