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Research Outline
Prepared for Alexis R. | Delivered March 12, 2020
Life Insurance Statistics
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Goals
To gain understanding of life insurance demographics to develop potential market strategies and opportunities.
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Early Findings
As of 2019,
57%
of Americans had life insurance. The attached
spreadsheet
is used to provide statistics on life insurance markets.
Age Considerations
Millennials tend to lack information on types of life insurance or amounts of insurance needed, leading to
58%
of Millennials not purchasing life insurance as of 2019.
Life insurance needs vary by
generation
.
Millennials buy life insurance to plan ahead, and their plans
cost less
.
Generation X needs life insurance to
maintain
standard of living in an emergency, to prepare for children's college expenses, to cover mortgage in case of death, and to provide for dependents.
Baby Boomers buy life insurance to
ensure income
for a surviving spouse or dependents and to cover final expenses.
Baby Boomers will spend
$700-2290 per year
for a 10-year, $250,000 policy.
Household Considerations
Households with children tend to buy life insurance more frequently, with
70%
of these households having life insurance.
There remain approximately 58 million households reporting a need for life insurance, yet only
half
of these families reported shopping for insurance.
Summary of Early Findings
Percentage information was not located for life insurance ownership by age bracket beyond Millennials. However, significant information is available as to the needs and motivations for life insurance purchase for various generations. The first hour of research found limited information regarding household life insurance percentages and, again, more information addressing what motivates these individuals to purchase insurance. A
table spreadsheet
was created to note statistical information found, though the numerical information was very limited. LIMRA appears to have additional information for paying members, but public information from LIMRA did not reveal the statistics desired. Proprietary research was scanned as well, but the requested information was not found.
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