Podcast Center
Video Center
Webcasts
Resource Center
Events
By 
November 14, 2018 at 06:49 PM
Time is having the expected effect on U.S. consumers’ life insurance coverage gap: increasing the size of the coverage gap for maturing Millennials — and narrowing the gap for members of the Generation X and Baby Boom generations.
New York Life Insurance Company sized up consumers’ coverage needs by surveying U.S. adults with spouses or financial dependents, and with an annual household income of at least $50,000. The company also commissioned a similar survey in 2013.
The median life insurance gap for Millennials increased to 78% of $452,000 in self-reported coverage needs this year, from a median gap of 65% of in 2013.
The typical Millennial has just $100,000 in life insurance coverage and faces a $352,000 coverage gap.
(Related: Coverage Gap Among Gen Xers Has Widened)
For members of Generation X, the median gap fell to 48% of $525,000 in coverage needs, from 63% five years ago.
For Baby Boomers, the median gap fell to 37% of $300,000 in coverage needs, from 57%.
Survey Nuts and Bolts
New York Life hired outside firms to conduct both surveys, through online survey systems.
