Top Takeaways
LMI consumers primarily dip into savings or borrow money from family and friends when they face financial shocks.
For consumers across all income levels, value for money is the top reason for choosing, maintaining, or not purchasing a policy.
Many people have a negative perception of insurance companies, but their interactions with insurers are often positive.
Uninsured people are more likely to be younger, lower-income, and Hispanic.
Data
With 60 percent of households experiencing financial shocks in the last year, insurance is a critical tool for managing life’s financial ups and downs. Dig deeper into the research to understand the role insurance plays in supporting these consumers.
Putting the Pieces Together
LMI consumers are more likely to switch auto insurance carriers to reduce costs.
View ReportMost consumers see the value in having homeowners or renters insurance.
View ReportDisability insurance is one of the least understood products in the market.
View ReportMany consumers struggle to understand how much life insurance they need.
View ReportRelated Research
Report
Insurtech for Financial Health
Our Supporters
This paper benefits from financial support from The Prudential Foundation. The opinions expressed in this report are those of CFSI and do not necessarily represent those of our sponsors.
