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Do Americans think they have the right insurance?

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Do Americans think they have the right insurance?

  1. 1. 1,000 person poll: insurance attitudes and experiences July 2014
  2. 2. 1 Executive summary PolicyGenius and OnePoll polled 1,000 adults, who in the past year have made an insurance-related decision, to understand perceptions and attitudes about insurance coverage in the US. We found:  The majority of respondents either don’t think they have the right level of insurance coverage (50%) or have no idea if they do (7%)  One possible reason for this is that insurance is largely out of sight and out of mind. For most respondents, insurance was the lowest-ranked financial priority – behind saving for retirement, paying down debt and sticking to a budget  We also found that a recent negative insurance experience is strongly associated with perceived under-insurance. Of respondents who reported “I probably have less insurance than I need,” 48% reported that their last insurance experience was negative vs. 21% reported that their last insurance experience was positive.  There is also an opportunity to improve the experience, and increase conversion, among insurance shoppers who end up not buying coverage. Among respondents who have shopped for long-term disability insurance or life insurance, and did not buy, the majority had negative feelings about their shopping experience.  Most respondents take an online, DIY approach to getting their insurance questions answered. When asked where’s the first place they go with an insurance question, 59% said, “I research it myself online.” Only 27% turn to an insurance agent or financial advisor and 10% ask a trusted friend or family member.  The DIYers are more confident in their financial risk protection than respondents who rely on others for advice: 60% of DIYers are “pretty confident” in their protection against financial risks vs. 56% of respondents who rely on an agent/advisor and 31% of respondents who rely on friends or family. Interestingly, respondents who turn first to friends or family for insurance questions are most in the dark about their protection: 17% said “I have no idea” when asked about their protection against financial risks, versus 5% of DIYers and 8% of agent/advisor advice seekers.
  3. 3. 2 The majority of respondents are not confident about their insurance portfolio Q. Consider the types and amount of insurance you have. How would you describe your overall level of insurance? Percent of respondents 50% reported a sub-optimal mix (either too much or not enough insurance) and 7% had no idea I have no idea whether I have the right types and amount of insurance 7% I probably have less insurance than I need 28% I probably have more insurance than I need 22% I probably have the right types and amount of insurance 43% I have no idea whether I have the right types & amount of insurance I probably have less insurance than I need I probably have more insurance than I need I probably have the right types and amount of insurance 25 – 34 year olds in particular reported sub-optimal insurance: 54% reported either too much or not enough 6 27 27 40 25 – 34 9 27 20 44 35 – 44 7 34 12 47 45 – 54 Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year.
  4. 4. 3 Women are less confident about their protection against financial risks Q. How confident are you that you’re protected against major financial risks? Percent of respondents 4.9 33.7 61.4 8.8 40.6 50.6 0 10 20 30 40 50 60 70 I have no idea Not too confident Pretty confident Women Men Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year.
  5. 5. 4 DIYers are more confident in their financial risk protection than respondents who rely on others for advice 17.4 52.0 30.6 7.8 36.1 56.1 2.2 43.2 54.6 5.1 34.8 60.1 0 10 20 30 40 50 60 70 I have no idea Not too confident Pretty confident Read insurance company information Ask my agent or advisor Ask trusted friend or family Q. How confident are you that you’re protected against major financial risks? Percent of respondents Self-research online Respondents whose first port of call for insurance advice is friends or family are least confident and most in the dark Q. If you have a question about insurance, where is the first place you go? Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year.
  6. 6. 5 For most respondents, insurance was the lowest ranked financial priority – behind saving for retirement, paying down debt and sticking to a budget Q. Please rank the financial priorities in order of preference, where 1 is most important and 4 is least important Percent of respondents who ranked the priority #1 (most important) Budget Debt Retirement Insurance 17 23 14 9 20 15 21 21 22 16 16 25 29 26 29 35 26 3233 29 35 39 38 27 0 5 10 15 20 25 30 35 40 45 Overall 25 - 34 35 - 44 45 - 54 Men Women Insurance ranked higher for 25-34 year-olds and men Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year.
  7. 7. 6 Respondents whose last insurance experience was negative were more likely to report having less insurance than they need Q. Consider the types and amount of insurance you have. How would you describe your overall level of insurance? Percent of respondents More negative than positive More positive than negative 4.6 21.0 30.3 44.1 5.6 47.5 14.4 32.5 0 5 10 15 20 25 30 35 40 45 50 No idea whether I have the right types and amount of insurance I probably have less insurance than I need I probably have more insurance than I need I probably have the right types and amount of insurance Q. Think about the last experience you had dealing with insurance, other than health insurance. How would you describe that experience? Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year
  8. 8. 7 Most respondents take an online, DIY approach to getting their insurance answered Q. If you have a question about insurance, where is the first place you go? Percent of respondents 4.3 8.2 24.7 62.9 4.5 11.4 29.0 55.1 0 20 40 60 80 I read information provided by insurance companies I ask a trusted friend or family I ask my insurance agent or financial advisor I research it myself online Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year. Overall strong preference online DIY research While still mostly online DIYers, women more likely than men to seek advice elsewhere 4.4 9.8 26.9 58.9 0 20 40 60 80 I read information provided by insurance companies I ask a trusted friend or family I ask my insurance agent or financial advisor I research it myself online Women Men
  9. 9. 8 Online DIY approach is most popular across all age groups Q. If you have a question about insurance, where is the first place you go? Percent of respondents 4.3 10.7 22.3 62.7 5.3 8.7 28.4 57.6 2.7 8.7 35.9 52.7 0 20 40 60 80 I read information provided by insurance companies I ask a trusted friend or family I ask my insurance agent or financial advisor I research it myself online 45 – 54 year olds 35 – 44 year olds 25 – 34 year olds Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year.
  10. 10. 9 Majority of non-buyers of long-term disability insurance reported negative feelings after their shopping experience Q. Have you ever shopped for long-term disability insurance on your own (not through an employer)? Percent of respondents employed full-time Yes, and I bought it 31% Yes, but I didn't buy it 16% No, but I'm familiar with what it is 42% No, and I'm not familiar with what it is 11% Q. Which of the following best describes how you felt after your long-term disability shopping experience? Percent of respondents employed full-time 29.8 21.6 35.1 13.5 0 5 10 15 20 25 30 35 40 I'm not sure I made the right decision It felt too complicated It gave me peace of mind It was pretty straightforward Negative experience Positive experience Source: Survey conducted by OnePoll, June 2014; 695 Americans between the ages of 18 and 54 who have looked into buying new insurance or changing insurance within the past year and are employed full-time
  11. 11. 10 Similarly, most parents who shopped for and didn’t buy life insurance reported negative feelings after their shopping experience Q. Have you ever shopped life insurance on your own (not through an employer)? Percent of respondents with children Yes, and I bought it 54% Yes, but I didn't buy it 22% No, but I'm familiar with what it is 21% No, and I'm not familiar with what it is 3% Q. Which of the following best describes how you felt after your life insurance shopping experience? Percent of respondents with children 33.6 30.0 21.7 14.7 0 5 10 15 20 25 30 35 40 I'm not sure I made the right decision It felt too complicated It gave me peace of mind It was pretty straightforward Negative experience Positive experience Source: Survey conducted by OnePoll, June 2014; 664 Americans between the ages of 18 and 54 who have looked into buying new insurance or changing insurance within the past year and have children
  12. 12. 11 US at a glance: the Midwest is most in the dark when it comes to their protection against financial risks Q. How confident are you that you’re protected against major financial risks? Percent of respondents who said “I have no idea” 7.2%10.8% 5.7% 5.3% 4.7% 5.3% East Coast South South West West Coast Mid-west West 6.8% USA Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year
  13. 13. 12 US at a glance: the Midwest is more likely to seek insurance advice from others Q. If you have a question about insurance, where is the first place you go? Percent of respondents that would ask their “Insurance agent/financial advisor” or “Trusted friend/family member” 34%45% 34% 36% 32% 35% East Coast South South West West Coast Mid-west West 37% USA Source: Survey conducted by OnePoll, June 2014; 1000 Americans between the ages of 18 and 54 who have either looked into buying new insurance or changing insurance within the past year
  14. 14. 13 US at a glance: West Coast respondents report lowest level of long-term disability protection Q. Do you have long-term disability insurance? Percent of respondents employed full-time 32%41% 27% 38% 31% 33% East Coast South South West West Coast Mid-west West 34% USA Source: Survey conducted by OnePoll, June 2014; 695 Americans between the ages of 18 and 54 who have looked into buying new insurance or changing insurance within the past year and are employed full-time

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