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LIMRA reports 50-year low in insurance ownership

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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