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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 8 sources · 3 days · First seen · Last updated
U.S. life insurance coverage gap
Overview
A LIMRA Insurance Barometer Study has identified a significant life insurance coverage gap in the United States, affecting approximately 22 million people who report that their current coverage is inadequate. While 48% of American adults do not own life insurance, many existing policyholders face a shortfall in protection.
The data shows demographic variations in this gap. Approximately 41% of women report needing life insurance, compared to 36% of men. Gen Z faces a 45% coverage gap, largely due to the misconception that appropriate policies are prohibitively expensive; research suggests those under 30 may overestimate costs by as much as five times the actual market rates.
Barriers to obtaining sufficient coverage include a lack of opportunity to sign up and uncertainty regarding which insurance packages to select. However, a shift in consumer behavior is emerging as younger families begin to prioritize the level of protection provided by a policy over its monthly cost.
Entities
Timeline
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[BUSINESS] 3 sourcesLife insurance coverage gap affects 22 million Americans
A LIMRA study shows 22 million Americans have inadequate life insurance, with Gen Z facing a 45% coverage gap due to cost misconceptions.
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[BUSINESS] 5 sourcesLife insurance coverage gap affects 22 million people in the U.S
A LIMRA study reveals a major life insurance coverage gap in the U.S., affecting 22 million people and disproportionately impacting Gen Z due to cost misconceptions.
Sources
abc17news.com · kesq.com · keyt.com · kvia.com · localnews8.com · pontevedrarecorder.com · republicmonitor.com · thepeachkitchen.com