The Life Insurance Need Gap - LIMRA

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InsuranceMarketsThe Life Insurance Need GapSource: 2021 Insurance Barometer

OutlineWelcome – Sean O’Donnell, Senior Vice President, MemberRelations, LL GlobalInsurance Barometer Overview – Faisa Stafford, President &CEO, Life HappensConsumer Mindsets – Jim Scanlon, AVP, InsuranceResearch, LL Global COVID Financial concerns Life insurance ownership profiles Life Insurance Need-Gaps: owners & non-owners Reasons for Not Owning (More) Life Insurance2Source: 2021 Insurance Barometer

Insurance Barometer Overview 3The Insurance Barometer is an annual studysince 2011, which tracks the perceptions,attitudes, and behaviors of adult consumers inthe United States. LIMRA and Life Happens engage an online panelto survey adult consumers who are financialdecision-makers in their households. The study objectives are to measure financialconcern among American consumers and relatethese findings to financial behaviors, with aparticular focus on life insurance.Source: 2021 Insurance Barometer2021 INSURANCE

Consumer Mindsets – Impact of COVID on Purchase Intent31% of consumersare more likely tobuy life insurancedue to COVID4Source: 2021 Insurance BarometerThe impact is higheramong: Millennials [45%] Household incomes of 150K or more [42%] Blacks [38%] &Hispanics [37%] Couples [35%] Males [33%]

Consumer Mindsets - Financial Concern vingsGoalsDisabilityDependentfinancialsecurityDebt /loansEmergencyfundLong-termcareFinalexpensesJob /incomesecurityFunding aneducationMedicalLeaving aninheritanceMonthlybillsInvestment/ lossesMortgage /rentRetirementSource: 2021 Insurance Barometer Consumers saycompeting prioritiesare a reason for notowning (more) lifeinsurance. Tracking concernacross categoriesshows the industrywhere life insuranceranks.

Financial Concern Hierarchy – 2011 to 2021Living ExpensesHealth ExpensesSaving GoalsLife Insurance1.65FINANCIAL CONCERN INDEX1.45Relative concernfor life insurancehas increased, itmoved into 3rdplace in 2020.1.251.050.850.650.450.252011620122013Source: 2021 Insurance Barometer20142015201620172018201920202021

Life Insurance Ownership by Type 2011 to 2021Life insurance (Any)63%Group/Employer-sponsored life62%59%60%57%57%59%59%Individual 9%39%39%52%39%32%29%29%25%Life insuranceownership volumeequals 134 millionadults.25%LifeInsuranceOwnershipMarket Size(million ource: U.S. Census Bureau, Population Division, 2020 DemographicAnalysis (December 2020 release)20117201220132014Source: 2021 Insurance Barometer2015201620172018201920202021

Insurance Ownership Volume & ProfilesLife Insurance Ownership by Gender & GenerationGenderDemographicprofilingidentifies gapswithin marketsegments.Source: 2021 Insurance BarometerNationalaverage 52%58%55%55%49%47%39%Male8GenerationFemaleBaby BoomersGen XMillennialGen Z

Life Insurance Ownership Profiles - 2021Race/EthnicityHousehold Income63%56%52%Marital Status65%Nationalaverage : 2021 Insurance Barometer 50K33% 50K 99.9K 100 149.9K 150K CouplesDWSSingle

Life Insurance Ownership Gap - 2011 to 2021Need Life Insurance70%65% 65%63%The gap between“I need” and “I“have” equals 18points, or 46millionconsumers This understatesunmet need in themarket.63%Life InsuranceOwnership Gap 18-points57% 57%60% 59% 59%57%54%52%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202110 70% 70%69% 70% 68%67%66%62%59%Have Life InsuranceSource: 2021 Insurance Barometer

Life Insurance Need – Owners & Non-Owners11Non-owners 48%“Need” lifeinsurance 59%Un-insuredNeed-Gap 29% ofsample73 millionOwners 52%“Need more”coverage 22%Under-insuredNeed-Gap 11% ofsample29 millionSource: 2021 Insurance BarometerIn all, 40% ofAmericans livewith a lifeinsuranceneed-gap; 102million adultconsumers.

Life Insurance Need by GenderNon-Owners WhoNeed CoverageF E M AL E32%M AL E1210%Source: 2021 Insurance BarometerNo Perceived Needfor Coverage11%24%0%Owners Who NeedMore Coverage57%12%20%30%64%40%50%60%70%80%90%100%

Life Insurance Need by Household IncomeNon-Owners WhoNeed CoverageUNDER 50K45% 5 0 K TO 9 9 . 9 K1328% 1 0 0 K TO 1 4 9 . 9 K18% 150K OR MORE17%Source: 2021 Insurance BarometerOwners Who NeedMore CoverageNo Perceived Needfor Coverage9%46%12%15%9%60%67%73%

Life Insurance Need by Race/EthnicityNon-Owners WhoNeed CoverageAS I AN20%147%B L AC K32%H I S P AN I C33%W H I TESource: 2021 Insurance BarometerOwners Who NeedMore Coverage27%No Perceived Needfor Coverage73%14%55%14%11%53%62%

Life Insurance Need by GenerationNon-Owners WhoNeed CoverageGEN Z43%M I L L E N N I AL S36%GEN XB AB Y B O O M E R S15Source: 2021 Insurance BarometerOwners Who NeedMore Coverage2%55%8%29%18%No Perceived Needfor Coverage56%15%13%56%69%

Reasons for Not Owning (More) Life InsuranceNon-owners whoUn-insuredneed coverageOwners who needUnder-insuredmore coverageIt is too expensive72%Other financial priorities right now64%Not sure how much I need / what type to buy56%Haven't gotten around to it49%51%46%Don't like thinking about deathWould not qualify for coverage1635%No one has approached me34%Not offered by my employer34%Do not trust insurance companies31%Do not trust insurance agents/financial advisors31%Source: 2021 Insurance Barometer43%46%42%43%41%65%62%81%75%

Next Steps17MonthInsurance Barometer ReleasesMarchPress release, Infographic, Social Media,CEO/President’s video (Dave & Faisa)AprilLife Insurance Conference workshop, Press release,Infographic & Primary reportMay/JuneBlack Americans report, Webinar, TechnicalSupplementSource: 2021 Insurance Barometer

Key Take-AwaysConsumer demand or “need” for coverage has increased and remains strong.1. The pandemic has driven an increase in purchase intent.2.3.18The gap between “I need” and “I “have” life insurance has doubled since 2019, furtheremphasizing the need for the industry to respond proportionally to the existing demand. 31% indicated they are more likely to buy life insurance due to COVID. The % of respondents indicating an increased likelihood to buy increases with income.(i.e., 42% of respondents with incomes of 150K indicated they were more likely to buydue to COVID.) Strongest among Millennials, Gen Xers, Black, and Hispanic respondents.Consumer engagement and education will be the keys to meeting this increased demandSource: 2021 Insurance Barometer

Questions & Answers19Source: 2021 Insurance Barometer

Your Trusted Source forIndustry KnowledgeFor more information contact:James T. ScanlonSenior Research Director860.285.7738jscanlon@limra.com

Life Insurance Ownership by Type 2011 to 2021Life Insurance Ownership TrendsLife insurance (Any)Civilian Labor Force Participation RateGroup/Employer-sponsored lifeIndividual life63%62%59%60%57%57%59%59%57%54%41%41%36%36% 36%41%38%34%41%38%32% 31%34%39%39%39%52%39%32%29%29%25% 25%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 202121Source: 2021 Insurance Barometer

Life Insurance Ownership by Type 2011 to 2021 – Insureds Those with bothcoverage types roseto 22% this year,from a low of 18% in2020. 22Source: 2021 Insurance BarometerThis remains shortof the 28% highpoint in 2011.

Need Life Insurance Have Life Insurance The gap between "I need" and "I "have" equals 18-points, or 46 million consumers This understates unmet need in the market. Life Insurance Ownership Gap - 2011 to 2021 Source: 2021 Insurance Barometer Life Insurance Ownership Gap 18-points

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