WINTER 2022 7
Trends in Middle-income America
When looking at different socioeconomic classes , different reasons are given for purchasing life insurance . A recent study by LIMRA and Life Happens looked at the middle income market — those with household income of $ 50K — $ 99.9K . This group represents more than 77 million Americans , or 31 % of the total population .
Sizing up the market
37 % of uninsured middle-income Americans say they will buy within a year .
|
52 % of middle-income
Americans report having life insurance .
|
4 in 10 middle-income
Americans believe
|
|
they don ’ t have |
|
|
enough coverage – |
|
52 %
|
approximately |
37 %
|
29 million .
Greater stress
The study found middleincome Americans expressed greater concern about their finances and work , compared with how they felt in the year prior . 35 % said they have more this year than last year of financial stress , as well as emotional stress and stress related to physical health . And , with the discussion of inflation , threequarters stated they are very concerned that inflation is impacting their quality of life .
Consumer facts continued on page 8
Middle-income Americans report higher financial concerns in 2022 than pre-pandemic
Having enough money for a comfortable retirement
Being able to save money for an emergency fund
Being able to support myself if I am unable to work due to injury or illness
Paying for long-term care if I become unable to care for myself
Paying for medical expenses in case of illness or injury
2022 2019
2022 2019
2022 2019
2022 2019
2022 2019
Paying monthly bills 2022 2019
Job security 2022
Leaving dependents in a difficult financial situation should I die prematurely
Burdening others with my burial / financial expenses
Didn ’ t include job security as an option in 2019
2022 2019
2022 2019
Paying off credit card debt 2022 2019
Paying mortgage or rent 2022 2019
Paying for children ’ s education 2022 2019
17 %
30 %
23 % 30 %
30 %
25 % 29 %
23 % 30 %
26 %
27 %
20 % 26 %
37 %
35 % 38 %
34 % 37 %
36 %
33 % 36 %
44 %
43 %