How Are We Going to Reverse This Trend?

By: John Carroll, Senior Vice President and Head of Insurance and Annuities – U.S. and Canada, LIMRA and LOMA

September 2023

Too many Americans don’t have sufficient life insurance coverage. We all know that. LIMRA has been conducting research, tracking life insurance ownership in the U.S. for more than 60 years. Despite our industry’s best efforts to educate and engage consumers, the results have not improved.

According to the 2023 Insurance Barometer Study, conducted jointly by LIMRA and Life Happens, 48 percent of U.S. adults are completely uninsured, up from 37 percent in 2011. Yet even those with life insurance recognize they don’t have enough coverage to protect their loved ones. Overall, 41% — representing more than 100 million adults — say they live with a coverage gap.

There are many underserved markets with even greater life insurance needs. Young people, Black and Hispanic Americans, and women all report higher coverage gap rates. The good news is these groups were more likely than the general population to say they planned to buy coverage this year. Are we doing enough to help them achieve this goal?

Americans Who Believe They Don’t Have Enough Life Insurance Coverage

People offer many reasons why they don’t buy life insurance: ...

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