If you know that your livelihood depends on something and you don’t have it, what is stopping you from getting what you need? This is the question that insurance industry executives are asking themselves about millennials: If they know that their financial situation will drastically change if the main breadwinner of the household dies, what is stopping them from buying life insurance?
Data collected from several studies by LIMRA Research reveal that even though millennials (Gen Y) and Gen X think they need more life insurance, less than 20 percent are likely to buy it. This data, which examines the disconnect between the insurance industry and the younger generations, will be discussed further during the 2015 Life Insurance Conference held April 13-15 in Virginia.
LIMRA’s data on life insurance trends also shows that most consumers, across Generations Y, X and boomers, prefer to buy life insurance face-to-face than by mail or telephone.
Take a look at our infographic below. To see the original press release from LIMRA, click here. (Click on the infographic to enlarge.)