SEPTEMBER IS LIFE INSURANCE MONTH

Younger Adults Seek a Different Buying Experience for Life Insurance

Courtesy of Life Insurance Marketing and Research Association (LIMRA)

Many prefer to buy online rather than work with a financial professional; others will research before going to a pro

While younger adults are less likely to own life insurance than the general population, a new study shows nearly half of Gen Z adults and Millennials say they plan to buy life insurance this year. How they say they want to purchase suggests the insurance industry will need to pivot to meet the expectations of these consumers. (Gen Z are born 1997-2012, 11-26 year old’s; Millennials are born 198196, 27-42 year old’s).

According to results from the 2023 Insurance Barometer Study, conducted jointly by LIMRA and Life Happens, more younger adults say they would prefer to buy life insurance online than work with a financial professional. While interest in online buying has been growing over the past decade, this is the first time the preference to buy online was the top choice.