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LIMRA: Three-Quarters of Americans Have Confidence in Life Insurance Companies

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Three in four Americans have confidence in life insurance companies and nearly 9 in 10 own individual life insurance, according to a new survey.

LIMRA, Windsor, Conn., published this finding in a summary of results from a new report, which finds that consumers who have seen life insurance make a positive difference — directly or indirectly — were more likely to feel confident in life insurers than those who had no experience.

According to the survey, 8 in 10 consumers who have had a positive experience with life insurance say the life insurance industry plays a critical role following the death of a loved one. The study also reveals that nearly two-thirds of Americans say that life insurance give people peace of mind.

Among Americans who have had a positive experience with life insurance, the number jumps to 76% who agree that life insurance gives people peace of mind.

Nearly two thirds of those polled (66%), the survey adds, say that life insurance offers quality products that people need. And more than half of the respondents (54%) say that life insurance helps people to be financially responsible.

LIMRA’s most recent life insurance ownership study found that fewer American families are insured adequately (58 million households are uninsured or underinsured) than in years past.