Life Insurance

Goals

Determine how life insurance purchasing behaviors have changed over time by examining the demographic profile, purchasing frequency, policy details and purchasing channels of life insurance customers in the United States.

Early Findings

Demographics of LIfe Insurance

  • Relatively few young people have life insurance, while as people age, they are more likely to purchase life insurance.
  • Specifically, among young people aged 18-29, only 44% have life insurance.
  • Comparatively, among individuals 65 and over, 65% have life insurance.
  • Only 37% of families with children under 18 have life insurance.
  • A full 32% of families with children under 18 do not have more than $100,000 in coverage.

Customer Purchasing Behaviors

  • A full 45% of individuals who decided not to buy life insurance in 2015 noted that competing financial priorities are their reason for not purchasing life insurance.
  • In total 66% of non-buyers noted that providing for their family was more important than purchasing life insurance.
  • Of those who didn’t purchase life insurance, 61% noted that paying bills was more important than purchasing life insurance.
  • A further 27% of non-buyers believe that purchasing life insurance is important.

Marketing Trends in the Insurance Industry

  • In 2020, nine out of 10 new life insurance sales are expected to be influenced by digital media, in particular online sources that compare prices and coverage options of different insurance providers.

PROPRIETARY RESEARCH AVAILABLE

We found some proprietary research from one of our data partners which may be helpful:

Total Assets and Investments (LIfe Insurance) in the United States to 2021: Market Size, Growth and Forecast Analytics(Timetric, $500)

The 2019-2024 Outlook for Life Insurance Sold by Life Insurance Companies in the United States(Icon Group International, Inc., $595)

If you would like us to purchase any of these reports on your behalf, just let us know!

Proposed next steps:

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