LIFE INSURANCE – FACTS AND FIGURES

UNION LABOR LIFE FACTS


Source: The Union Labor Life Insurance Company, 2018

FACTS ABOUT LIFE


2 in 5 Millennials say they wish their spouse/partner would buy more life insurance; much higher than among Gen X or Boomers.


Among those without life insurance, about 1 in 5 believe they should have life insurance.

The most common reasons people do not buy (or do not buy more) life insurance are:


Are focused on other financial priorities.


Think it's too expensive.


Believe they already have enough coverage.


Source: LIMRA – Barometer Study 2018


FACTS ABOUT LIFE


Almost half of all adult consumers visited a life company website and/or sought life insurance information online. Almost 1 in 3 purchased or attempted to purchase life insurance online — about the same as in 2017



In 2016, only 19 percent of Millennials indicated they would buy life insurance online; in 2018, more than 1 in 4 Millennials bought online.



Misperceptions create purchase barriers. Consumers overestimate the cost of life insurance, especially younger generations; 44 percent of Millennials estimate the cost at over five times the actual amount.




Among those without life insurance, about 1 in 5 believe they should have life insurance.


Source: LIMRA – Barometer Study 2018


FACTS ABOUT LIFE




of American households say they are likely to buy life insurance in the next 12 months. This is most likely among people under age 45 and/or married couples with children.



Men continue to be more likely to own life insurance at 62 percent, compared with 56 percent of women.





The majority of Millennials own life insurance, which is considerably higher than in 2010 (54 percent vs. 47 percent).


Source: LIMRA – Facts About Life 2017


Top Reasons to Buy Life Insurance

1. Income

Replacement Income for Ongoing Expenses


2. Debt


HOUSING

The median monthly cost of a mortgaged home (payments, insurance, utilities) was $1,494
(Source: Federal Housing Authority, Census Bureau, 2017)

The average total mortgage amount was $190,000 as of 2016
(Source: Federal Housing Authority, Census Bureau, 2017)


CONSUMER

Among US households with credit card debt, the average household owes $16,425
(Source: NerdWallet, 2017)


AUTO

In 2017, 43% of Americans (roughly 107 million) have auto loan debt, up from 80 million Americans in 2012
(Source: Federal Reserve Bank of New York research and Statistics Group, 2017)


3. Education

Average college costs (tuition, fees, room and board) for all US institutions as of 2015 was $21,728
(Source: National Center for Education Statistics, 2016)


4. Final Expenses

As of 2014, median costs of a funeral with viewing and burial was $7,181
(Source: 2015 National Funeral Directors Association General Price List Survey)

American Households Need More Life Insurance

30%

of American households lack life insurance, a total 37.5 million

62%

of families without life insurance say they would be in immediate financial trouble if a primary wage earner died.

48%

of households need more life insurance based on LIMRA's need model, close to 60.1 million families.

44%

of U.S. households have individual life insurance, equal to 50-year low set in 2010.

40%

of households (approximately 50 million) recognize the need for more life insurance

Source: LIMRA – Facts About Life 2016

1 in 5

households with children under age 18 were uninsured in 2016, which is 3.7 million fewer households, compared with 2010 results.

4 in 10

households with children under 18 say they would be in immediate financial trouble if a primary wage earner died today.


3 in 10

households with children under 18 would have trouble keeping up with basic living expenses after several months.

7 in 10

of all households said they would have trouble covering everyday living expenses after several months if the primary wage earner died.

Source: LIMRA – Facts About Life 2016


What Prevents People from Buying Life Insurance?

Financial
Priorities

8 in 10
households who believe they need more life insurance say they don't buy because of other financial priorities. Or they can't afford it.

Lack of
Information

6 in 10
say they don't know what to buy or how much they need. One of the biggest obstacles is lack of information.

No One
Asked

More households
who believe they need more life insurance say the reason they haven't purchased is because they haven't been approached by a financial professional.

Supplemental Life Insurance Webinar Recording


2018 Group Term Life Webinar

How can life insurance help me?


FIND OUT
with our calculator


LINK YOUR MEMBERS!

Union Members – Supplemental Term and Whole Life Insurance from The Union Labor Life Insurance Company is available at:
www.ullico.com/
memberbenefits


For More Information On Our Group Term Life Insurance, Please Contact:

Larry Paradise
Vice President of Group Sales
630.743.4252
www.ullico.com/lh/
grouptermlife



Did You Know?

People estimate life insurance to cost 3 times what it actually does, on average, according to prior research.

Source: LIMRA – Facts About Life 2016



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