What You Need to Know
- The percentage of consumers who say they have need live coverage and don't have it grew to 18%.
- Women are more likely than men to say they have a life coverage gap.
- Many of the highest-income survey participants reporting having a gap.
The percentage of U.S. adults who say they have a life insurance coverage gap is continuing to grow.
The percentage of survey participants who said in January that they needed life insurance and had none increased to 18%.
That was up from 16% in January 2020, and up from just 7% in 2011.
Life Happens and LIMRA have included data on the life coverage gap in a new summary of some of the results from their 2021 Insurance Barometer online survey.
Life Happens is an Arlington, Virginia-based group that promotes awareness of life insurance and related products, such as disability insurance.
LIMRA is a Windsor, Connecticut-based financial services research group.
Life Happens and LIMRA started the annual Insurance Barometer survey series in 2011. The survey program pulls in responses from about 3,000 U.S. adults every year.
The increase in the life coverage gap has been due mainly to a drop in the percentage of participants who say they have life insurance.
About 70% of the participants in the new survey said they needed life insurance. Participants were about as likely to say they needed life insurance in 2011 and in 2020.
The percentage of participants who said they have life insurance fell to 52%. That was down from 54% in 2020, and down from 63% in 2011.