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Research Paper

Insuring the Way to a Financially Resilient America

Using a combination of survey data and consumer interviews, the Financial Health Network presents consumer trends and insurance product design strategies that can help Americans build financial resilience.

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By Eric Wilson, Sarah Parker

Tuesday, December 4, 2018
Insuring the Way to a Financially Resilient America

Many Americans, particularly low- to-moderate income (LMI) consumers, are unprepared to weather financial shocks. Discover consumer trends and insurance product design strategies that can help these Americans build financial resilience.

Top Takeaways

Using a combination of survey data and consumer interviews, the Financial Health Network gained new insight into the insurance needs, perceptions, and coverage of Americans.

LMI consumers primarily dip into savings or borrow money from family and friends when they face financial shocks.

For consumers across all income levels, value for money is the top reason for choosing, maintaining, or not purchasing a policy.

Many people have a negative perception of insurance companies, but their interactions with insurers are often positive.

Uninsured people are more likely to be younger, lower-income, and Hispanic.

Data

With 60 percent of households experiencing financial shocks in the last year, insurance is a critical tool for managing life’s financial ups and downs. Dig deeper into the research to understand the role insurance plays in supporting these consumers.

Putting The Pieces Together

To paint a clearer picture of the insurance landscape, our industry Spotlight series delves into how Americans use four key insurance products.

LMI consumers are more likely to switch auto insurance carriers to reduce costs.

Most consumers see the value in having homeowners or renters insurance.

Disability insurance is one of the least understood products in the market.

Many consumers struggle to understand how much life insurance they need.

Our Supporters

This paper benefits from financial support from The Prudential Foundation. The opinions expressed in this report are those of the Financial Health Network and do not necessarily represent those of our sponsors.

Prudential

Written by

Insuring the Way to a Financially Resilient America

Explore the trends. Discover new insights. Build stronger strategies.

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