A study by US-based research organisation, LIMRA, has found that a majority of generation X and Y consumers believe they need more life insurance, yet less than 20 percent said they are very likely to buy it.
Insurance executives will gather at the 2015 Life Insurance Conference on April 13 – 15, in Arlington, Virginia in the US to discuss ways to better engage consumers, closing the gap between recognized need and actual life insurance ownership.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Todd A. Silverhart, Ph.D., corporate vice president, LIMRA Insurance Research, said: "The study clearly shows that people recognize the value of life insurance and the risks they face being underinsured."
"Yet other financial priorities and confusion on what they need lead many consumers to postpone buying life insurance."
Separate LIMRA research has identified nearly 19 million consumers who need life insurance but have become stuck during the shopping process.
