The following 2017 Insurance Barometer Study is from LIMRA, the financial services industry organization that measures such attitudes and trends, and the nonprofit Life Happens.
- Four in 10 Americans wish their spouse had more life insurance.
- Some 60 million Americans have an average life insurance needs gap (the difference between their actual coverage and their needs) of $200,000.
- About 70% of husbands own life insurance, while only 63% of wives can make the same claim.
- While 85% of Americans believe households should have life insurance, only 59% have it.
- Four in ten households without life insurance would struggle to pay living expenses if their primary wage earner died.
- Americans’ average life insurance coverage would replace three years of income, down from 3.5 years in 2010.