Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

LIMRA reports 50-year low in insurance ownership

Your article was successfully shared with the contacts you provided.

The Trends in Life Insurance Ownership study, conducted every six years by LIMRA, found that:

  • Only 44 percent of U.S. households have individual life insurance.
  • Thirty-five million households have no life insurance coverage, up 8 percent from 2004.
  • Eleven million households with children under age 18 have no coverage.
  • More than 40 percent of Americans say a major reason they have not bought more life insurance is because they have other financial priorities right now, such as paying off debt or saving for retirement.
  • Four in 10 households with children under 18 say they would have immediate trouble meeting everyday living expenses if the primary breadwinner died today.
  • Twenty-four percent of households with children under 18 want to speak with a financial professional about their life insurance needs.
  • Twenty-five percent of all households plan to buy life insurance in the next year.
  • One in 4 middle-market households admit they don’t know how to obtain or reach their financial goals, including buying life insurance.
  • Almost 8 in 10 U.S. households currently do not have a personal life insurance agent or broker to turn to and most of them say they never did.

Source: LIMRA