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.
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
Which type(s) of life insurance policies do you have?
While consumers often buy life insurance through work, this varies greatly by income.