Brief

Life Insurance Insurance Spotlight

This brief takes a closer look at the life insurance coverage, acquisition channels, and knowledge of American consumers, with a particular focus on LMI consumers.

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By Eric Wilson, Sarah Parker

Category:

Insurance

Tuesday, October 16, 2018

In this companion brief to our consumer insurance report, CFSI explores life insurance coverage trends among low-to-moderate income (LMI) individuals, as well as opportunities for insurers.

Top Takeaways

While nearly all Americans believe that a family’s primary wage earner needs life insurance, CFSI research shows that complexity and perceived cost can prevent consumers from purchasing these policies.

Consumers, especially LMI consumers, struggle to understand the right coverage amount for their families

While employers play an important role in expanding access to life insurance, many LMI consumers don’t have this option

Many LMI consumers forgo life insurance to focus on more pressing financial needs

Data Spotlight

Which type(s) of life insurance policies do you have?

While consumers often buy life insurance through work, this varies greatly by income.

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Our Supporters

This paper benefits from financial support from the Prudential Foundation. The Opinions expressed in this report are those of CFSI and do not represent those of our sponsors.

Written by

Eric Wilson

Associate
Sarah Parker

Senior Director