Life Insurance Trends for Gen Z and Millennials

With more Gen Z and Millennial consumers reaching the stages where they are getting married, buying homes and starting families, their need for financial planning is apparent. However, in many cases, they just aren’t sure how to get started.

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Generation Z:
Born 1997–2012

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Millennial (Generation Y):
Born 1981–1996

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Generation X:
Born 1965–1980

Truth #1

Almost half of Gen Z adult consumers and 46% of Millennial consumers say they need life insurance.*

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Almost half of Gen Z adult consumers say they need life insurance

Truth #2

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The top reason Gen Z adults identified for not having life insurance is “I haven’t gotten around to it.”*

This is a growing opportunity in the life insurance market!

Truth #3

The combined number of Gen Z and Millennial adults who say they need life insurance represents 54 million* potential customers!

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POTENTIAL CUSTOMERS!

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Truth #4

Over a quarter of Gen Z, Millennial, and Gen X consumers state they are not sure how much or what type of life insurance coverage to get.*

*Source: 2024 Insurance Barometer Study, LIMRA and Life Happens.