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2021 Insurance Barometer Study

Stephen Wood; Maggie Leyes; James T. Scanlon, M.S., HIA 11/1/2021

The 2021 study period marks the 11th edition of the annual Insurance Barometer. Surveying American consumers during this difficult time provides critical insights for the industry on the impact that COVID-19 is having on financial attitudes and behaviors.

Summary

  • COVID-19 Lifts Purchase Intent – the pandemic is lifting the likelihood to buy life insurance for many consumers, almost 1 in 3 (31 percent) say they are more likely to buy because of the pandemic.
  • Life Insurance Ownership Declines - just over half (52 percent) of American adults own some form of life insurance coverage (e.g., individual, employer-sponsored), a decline of 2 points from 2020. Overall life insurance market penetration is now 11 points below the 2011 high of 63 percent.
  • Financial Concerns - Overall financial concern rose 20 percent over the past two years, including a 4 percent rise in 2021. Concern for life insurance rose faster than other categories over the past two years, suggesting a significant shift in consumer financial prioritization.

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Meet the Project Director

Stephen Wood

As part of LIMRA’s Markets Research team, Steve Wood is responsible for providing analyses and insights for some of the industry’s most compelling reporting. As in his previous Custom Research role at LIMRA, Wood brings focus to survey design, data integrity, and quality reporting.  Wood seeks topical and actionable insights regarding the varied demographic markets the insurance and financial industries serve.

Joining LIMRA in 2009, Wood has a decade of previous experience with Customer Insights at both LEGO and Aetna. He holds a bachelor’s degree in biology from the University of Connecticut.

Research Director, Consumer Markets
LIMRA and LOMA
swood@limra.com


For more information, please contact swood@limra.com.

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