An annual Insurance Barometer Study, produced in collaboration by LIMRA and Life Happens, provides a glimpse of the insurance market landscape and revealed a variety of important information.

According to by the 2024 Insurance Barometer Study, almost 51 percent of Americans report owning at least one life insurance policy but 42 percent of American adults either need to obtain life insurance or increase their existing coverage. This ever-growing gap includes about 102 million adults, when combining those who are uninsured and those who are underinsured.

Other Interesting Data:

The gender gap: Women are less likely to have life insurance than men, with a consistent 11-point gap over the past 14 years of the study.

Generational trends: Baby Boomers have the highest rate of life insurance ownership. Gen Z, now aging into the study’s demographic, shows growing interest despite lower ownership rates, with half indicating they need more coverage.

Cost misconceptions: Approximately 72 percent of all participants overestimated the cost of a basic term life insurance policy, a common misconception year after year.

Knowledge gaps: Over 25 percent of younger generations cite a lack of knowledge about life insurance products.

Read the full article here: https://www.bankrate.com/insurance/life-insurance/life-insurance-statistics/#life-insurance-industry-statistics