Life & Health Roundtable Recap

On June 22, Chris Rzany moderated the Life & Health Roundtable and shared results of the LIMRA 2023 Insurance Barometer. The annual study surveyed more than 8,000 people aged 18 to 75, including both owners and non-owners of life insurance. Roundtable attendees discussed the findings, including the reasons people say they should own life insurance as well as the reasons they say they don’t own it. According to the study, approximately 40% of American consumers say they need or need more life insurance, equivalent to approximately 101 million people, a number that has risen since the pandemic.

Interestingly, cost and other financial priorities are the top two reasons that the survey participants said they do not have (or do not have enough) life insurance, illustrating that a majority of consumers may be over-estimating the actual cost of the products. The four demographic segments with the highest unmet life insurance needs are:

1. Families with income less than $50k (approximately 35 million people)
2. Millenials and Gen Z (approximately 53 million consumers)
3. Black and Hispanic Americans (approximately 39 million potential policyholders)
4. Women (estimated at 54 million consumers)

The findings seem to indicate a clear path for life insurers to sell more products: develop products and messaging that specifically target these groups, and roundtable participants discussed how this may -- or may not -- happen.

Life & Health Roundtables are held quarterly, open to all SIR members. The objectives of this forum are to discuss the competitive and industry environment, to form relationships and to build our competitive and market intelligence toolkits. For more information, please content Chris at chris.rzany@fidelitylife.com.

Get the Most Out of Your Membership in 2023

As we start a new year, we want to make sure that you are aware of and taking advantage of your SIR member benefits! To start, make sure you have marked info@sirnet.org as a safe email sender.

• Member Census: a great way we can learn about your interests and work background. Take a few minutes to review your profile and make sure everything is up to date. Information here allows our members to find and help one another!
• Discounts on all SIR events, including the SIR Annual Conference and Research Workshops. Carrier Corporate memberships also include pre-paid registrations that can be used for the Annual Conference or Spring Workshop.
• Access to Member Only sections of SIR website which includes research and past event and webinar presentations.
• Access to the searchable SIR Directory, including a listing of your personal profile.
• Quarterly Life & Health, P&C and Public Policy Roundtables and Journal Clubs.
• Access to AskSIR Listserv to ask industry questions to other members.
• SIR Professional Development tracking, to manage your education and event attendance. To view your individual report, log in to your SIR profile, click "Hi Name" and then you will see the SIR Professional Development Tab.

View Membership Highlights Here

SIR Member Census 

SIR is excited to launch our first annual member census! The member census will help us understand our members much better. It contains three sections and takes approximately 10 minutes. 

- The first section will populate the member directory with your professional experiences. The second section asks for your personal demographics. Finally, the third section focuses on how you want to engage with SIR.
 
 The SIR is a community built to serve our collective needs. We need to know more about you and your desires to successfully meet your needs. Many thanks in advance and good luck in the prize drawing!

Take the Census Now!