According to the 2021 LIMRA study, 45% of millennials are more likely to buy life insurance due to COVID-19, which is more than boomers or Gen X. The survey has found that the complexity of the product is a common reason for refusal to buy insurance.
Besides, more than half of Americans overestimate the cost of life insurance three times on average. And yet, term life insurance has never been more affordable for young and healthy people than it is now. Low cost can provide most of the coverage.
The survey also shows that millennials are more inclined to save automatically. Every fifth said it would be convenient for them if savings were automatically written off from their salary account.
Millennials are the future of the insurance business. Over the next 20 years, they will be sending their kids to college, starting a business, and becoming the backbone of the economy, i.e. their life insurance needs will only grow.
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