— Apr 24, 2023 —
Published in NEWS RELEASES
on limra.com
Data from LIMRA and Life Happens reveals younger Americans have the greatest need and desire to buy life insurance
While two-thirds of Americans report their lives have largely returned to normal following the COVID-19 pandemic, the 2023 Insurance Barometer Study shows a record-high proportion of consumers (39%) who say they intend to purchase life insurance coverage within the next year. The intent to buy is even higher among Gen Z adults (44%) and millennials (50%).
This year’s study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, shows younger generations are less likely to have coverage and more likely to live with a life insurance coverage gap. Overall, 52% of American adults report owning life insurance, and 41% of adults — both insured and uninsured — say they don’t have sufficient life insurance coverage. In comparison, just 40% of Gen Z adults and 48% of millennials say they own life insurance and nearly half say they either need to get coverage or increase their life insurance protection (49% and 47%, respectively), representing 53 million adults. For more details, visit this page: Life Insurance Needs of Younger Adults.
Younger generations experienced a life-altering event just as they were starting their careers, getting married and having children. The realization of how precarious life can be may have made them more aware of the need to protect their loved ones.
Alison Salka, Head of LIMRA Research
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limra.com
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