NAILBA ID Trends Resource Guide 2019-20 | Page 4

4 ID Trends 2019 Editor’s note: As I find myself clicking deeper and deeper into the well of computer information, minutes and hours just click away. We at NAILBA recognize your busy schedule and the need to stay focused on your business and the support of your clients. Our mission is to support you and the industry with targeted information through membership benefits and industry publications like Perspectives magazine and our digital newsletters — NAILBA Now and The Independent. To further our mission, we have launched an annual resource that examines the independent distribution (ID) trends in the insurance and financial services markets — ID Trends. We have compiled the research and articles within ID Trends to provide insights, education, and fodder for your business on such topics as life insurance, long-term care, disability insurance, annuities, as well as back office support and commission reporting. With ID Trends being distributed at NAILBA’s annual meeting, we hope our attendees will find this content useful as a catalyst for conversation and supportive documentation for the educational sessions and workshops at NAILBA 38. For those reading digitally, please take note of the links throughout the publication which provide more details for deeper dives into topics. NAILBA is where the independent distribution market gets down to business. We hope ID Trends provides the facts and ideas you need to further your business. If this annual resource can reduce some of your non-selling time, we have succeeded. Pam Sheehan Senior Director, Strategic Partnerships & Media Initiatives NAILBA [email protected] All the best! Trends in Independent Distribution Understanding life insurance buying decisions LIMRA research shows there is a big opportunity to help consumers attain the financial security they desire through life insurance and other risk products. With more than a third of U.S. households saying they would experience financial trouble within a month of the primary-wage earner dying, our industry has to do more to engage and educate consumers about the value of having life insurance coverage and the peace of mind it will give them. The following charts have been provided by LIMRA to further understand the buying decisions around life insurance and other risk products. Insurance ownership rates (person-level) 2011-2019 LIFE INSURANCE 63 % 62 % 59 % 57 % 31 % 27 % 15 % 2011 DISABILITY INSURANCE 30 % 14 14 % 2012 % 2013 60 % 57 % 29 % 26 % 13 % 2014 LONG-TERM CARE INSURANCE 59 % 23 % 16 % 13 % 2015 2016 59 % 20 % 20 % 14 2017 57 % 20 % 15 % % 2018 15 % 2019