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LIMRA: Despite Improvement, LGBTQ+ Life Insurance Ownership Continues to Lag Behind the General Population
6/14/2023
Although the lesbian, gay, bisexual, transgender, and queer or questioning (LGBTQ+) community has made much progress toward achieving equality, acceptance and security, this group reports higher levels of financial stress and is more likely to worry than the general population about financial risks.
Recent LIMRA research finds nearly half of LGBTQ+ consumers (49%) say they have a high or very high level of stress about household finances, compared with just a third (32%) of the general population. One of the factors contributing to this may be that they are far less likely to have life insurance coverage.
According to the 2023 Insurance Barometer Study, just 42% of those identifying as LGBTQ+ report owning life insurance. While this represents an increase from 2022, it remains 10 points lower than the general population’s ownership rate. Data suggests there is a correlation between life insurance ownership and financial security. Overall, data show 7 in 10 people with life insurance feel financially secure, compared to less than half (49%) of uninsured individuals. Similarly, 70% of insured LGBTQ+ consumers say they feel financially secure, compared with just 40% of uninsured LGBTQ+ consumers.
While life insurance is a key part of a holistic financial plan, it is not the only financial concern weighing on LGBTQ+ consumers’ minds:
- Half of LGBTQ+ consumers say they are worried about having a comfortable retirement but less than 1 in 5 LGBTQ+ consumers plan to increase their retirement savings in 2023.
- Forty-eight percent of LGBTQ+ consumers say they are very worried about being able to support themselves if they become ill or injured and unable to work. Just 38% of the general population say the same.
- LGBTQ+ consumers are more likely than the general population to say they are concerned about affording medical care in the event of illness or injury (42% versus 35%).
The good news on the life insurance front — 75% of LGBTQ+ consumers recognize their need for life insurance and 44% say they plan to buy it this year — both higher than the national response.
As we celebrate Pride Month in June, let’s raise awareness among LGBTQ+ individuals and all Americans about the importance of saving for retirement, and owning products like life insurance and disability insurance to ensure their and their loved one’s future financial security.
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