2019 Insurance Barometer Study: Nearly Half of Americans More Likely to Buy Simplified Underwritten Life Insurance

Almost half of Americans (47 percent) say they are more likely to buy life insurance using simplified underwriting, which generally means getting coverage more quickly and without a medical exam, versus traditional underwriting approaches, according to new findings from the 2019 Insurance Barometer Study.

The Insurance Barometer is an annual study that tracks the perceptions, attitudes and behaviors of adult consumers in the United States. In January 2019, LIMRA and Life Happens engaged an online panel to survey adult consumers who are financial decision makers in their households.

To broaden their reach and address declining ownership numbers, many life insurers have leveraged advances in technology, like advanced analytics, Big Data and artificial intelligence, to streamline the underwriting process and better meet the needs and preferences of today’s consumers.

Also, the study found:

• The market for life insurance products that combine other benefits, such as long-term care provisions, is still growing

• Consumers are most likely to say they are knowledgeable about life insurance (46 percent); Knowledge levels drop significantly for disability insurance (38 percent), long-term care insurance (35 percent), and annuities (35 percent)

• More than 42 million consumers in the market for financial guidance; About two-thirds of those using social media sites for finance-related topics are looking for information on product and services (62 percent), or looking for reviews on financial professionals (61 percent)

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