Perspectives Q3 2022 Perspectives Q3 2022 | Page 42

SALES STRATEGIES

Taking a deeper dive

Understanding demographic-specific sentiment

LIMRA ’ s and Life Happens ’ 2022 Insurance Barometer Study * tracked the financial perceptions , attitudes , and behaviors of adult consumers , with a focus on life insurance . Highlights from the study are shared herein for Asian Americans , LGBTQ , Millennials , and women .

https :// www . limra . com / en / research / research-abstracts-public / 2021 / 2021-insurance-barometer-study /

Millennials

Millennials , who are between the age of 24 and 40 , are at a time in their lives when they need life insurance . The majority of millennials are married , have dependent children , own homes , and have more than $ 100,000 in household income . Yet more than half ( 55 %) of millennials have no life insurance coverage at all , putting their loved ones at risk of financial hardship should they die unexpectedly .

Misconceptions about life insurance often deter millennials from purchasing the coverage they say they need . LIMRA shared key findings from their 2022 Insurance Barometer Study below .

42 Perspectives Q3 2022

8 in 10 millennials overestimate the cost of life insurance .

A third of millennials say they don ’ t have life insurance because they haven ’ t been approached .

35 ^%

of millennials say they don ’ t own life insurance because it is too expensive .

45 ^%

of millennials who don ’ t believe they have enough life insurance think they would not qualify for coverage .

47 ^%

of millennials ( 34 million adults ) say they need ( or need more ) life insurance .

44 ^%

of millennials in 2022 , said they were more likely to purchase coverage within the next year because of COVID .