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Millennial misconceptions of life insurance: a barrier to life ownership

Insurance Forums Staff

New LIMRA research shows that 41% of Millennials believe they do not qualify for life insurance coverage, which can prevent them from considering purchasing it.

Speakers and workshops during the 2017 Life Insurance Conference in Orlando later this month will shed light on what consumers are thinking and how to best educate them about the realities of life insurance.

“Inaccurate perceptions of life insurance keeps many Millennials from owning it,” said James Scanlon, HIA, senior research director, LIMRA. “At the same time, Millennials say that they’d be more likely to purchase life insurance if agents approached them and made it easier to understand. This conference is a great opportunity to share insights into what Millennials are thinking about life insurance.”

Opening the conference is LIMRA and LOMA President and CEO Robert Kerzner, who will discuss how forces such as consumer demographics, technology and regulation are influencing the financial services industry. Another featured speaker is Ron Insana, senior analyst of CNBC, who will be discussing “Trumponomics” and the long-run implications for Wall Street.

In addition to the speakers, there are several workshops planned that will explore product innovation and advances in underwriting, trends in consumer perceptions and behavior and the impact of Insurtech on the financial services industry. The conference offers more than 30 workshops overall on topics also including distribution, markets, technology, administration and regulation.

One of the workshops, led by Kimberly Harris-Ferrante, vice president and distinguished analyst at Gartner, will announce the findings of a joint study between LOMA and Gartner Research on key industry trends thought to have the most significant impact on the business strategy and vision.

The 2017 Life Insurance Conference, sponsored by LIMRA, LOMA, Society of Actuaries, and ACLI, will be held April 24-26, at the Rosen Shingle Creek Resort in Orlando. This year’s event is expected to attract more than 500 industry professionals from companies across the globe seeking to gain insight on the latest industry developments and equip themselves with solutions to address the complex challenges they face every day.

For more information and to register, please visit The Life Insurance Conference: Strategic Response to Change.



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