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U.S. adults may be much less likely to have group life insurance now than they were 10 years ago, but they appear to be more likely to have individual life insurance.

Analysts at LIMRA and Life Happens have put data supporting that assessment in a summary of part of their 2020 Insurance Barometer Study.

LIMRA and Life Happens based the report on results from an online survey of about 2,000 U.S. adults. The survey was conducted in January.

Resources

  • A copy of the 2020 Insurance Barometer Study is available here.
  • An article about why life insurance is too often overlooked is available here.

About 54% of the participants said they had life insurance, down from 63% .

For the participants with life insurance, the percentage of adults with individual life insurance, or a combination of life insurance and group life insurance, increased to 73% this year, from 68% in 2011.

The percentage of participants with life insurance who had group life insurance, or a combination of employer-sponsored group life insurance and individual life insurance, increased to 73%, from 68%.

The analysts found that there could be many more life insurance prospects in the pipeline: 36% of the survey participants told the survey team that they intend to buy life insurance in the next 12 months.

About 41 million people said they need life insurance but don’t have it.

— Read Life Insurance Coverage Hits a 50-Year Low, but There Is a Silver Lining, on ThinkAdvisor.

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