Younger People Driving Demand for Life Insurance [Survey Results!]

— April 24, 2023 —
Published in CONFERENCE COVERAGE
on InsuranceNewsNet.com
Written by Steven A. Morelli

The memory of the dark, scary days of the COVID-19 pandemic might be fading but the lessons are apparently imprinted on younger generations, especially single mothers, who have an appreciation for mortality and life insurance, according to the latest LIMRA/Life Happens Insurance Barometer.

Although a record-high percentage of consumers (39%) say they intend to buy life insurance in the next year, younger people are driving the demand with 50% of millennial and 44% of Gen Z respondents wanting coverage, according to the survey, which is being released on opening day of the Life Insurance & Annuity Conference in Salt Lake City.

Alison Salka, head of LIMRA research, said the 10th annual survey showed a growing pool of younger people wanting life insurance.

Younger generations, the millennials and Gen Z, are really starting to see the need. It really presents an opportunity for the industry. … The majority of Gen Z is interested in life insurance. Only 40% of Gen Z told us that they own life insurance and about half of them report a need gap.

Alison Salka, Head of LIMRA Research

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