Securing the Future
Life Insurance Needs of Younger Adults
Source: 2023 Insurance Barometer Study, LIMRA and Life Happens
Insurance ownership has increased for Gen Z (ages 18-26)and Millennials (ages 27-42) over the past year:
2022 | 2023 | |
Gen Z | 34% | 40% |
Millennials | 45% | 48% |
Younger adults are key to the future success of our industry.
Results from the 2023 Insurance Barometer Study, by LIMRA and Life Happens, can help the industry understand their financial priorities and purchase preferences to ensure these consumers have the life insurance they need to protect their financial security.
53 million Gen Z and Millennial Americans believe they have insufficient life insurance coverage
Purchase intent is high
Gen Z
Millennials
Plan to buy life insurance in 2023
Top Three Ways Gen Z and Millennials Prefer to Buy Life Insurance:
Online
With a financial professional
At their workplace
Why They Buy (or Don’t Buy):
- Leaving dependents in a difficult financial situation should they die prematurely
- Paying for children’s schooling/college
- Paying mortgage or rent
- Supporting self/family should they become disabled
- Paying off/reducing their own student loan debt
Gen Z and Millennials are more likely to have minor dependent children and worry more than older generations about:
Among insured Gen Z and Millennials, more than 6 in 10 own permanent life insurance
Source: 2023 Insurance Barometer Study, LIMRA and Life Happens
But the recognized need for life insurance remains high
2022 | 2023 | |
Gen Z | 48% | 49% |
Millennials | 47% | 47% |