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2022 Insurance Barometer Study

Stephen Wood; James T. Scanlon, M.S., HIA; Maggie Leyes (Life Happens) 4/25/2022

The Insurance Barometer is an annual study that tracks the perceptions, attitudes, and behaviors of adult consumers in the United States, with a particular focus on life insurance.

Summary

  1. COVID-19 Continues to lift 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.
  1. Life insurance is a key element in feeling financially secure. Among insureds with financial dependents, 68 percent feel secure, compared with 47 percent of non-insureds. Consumers with overlapping sources of coverage have the highest likelihood of feeling secure.
  2. Respondents indicate a large shift favoring online life insurance shopping and purchasing. This is due to advances in technology, as well as the pandemic.

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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. (Technical Supplement added November, 2021.)

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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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