A 2022 LIMRA study proves that the need for life insurance is high among Generation Z and Millennials, with 48% and 47% respectively reporting a need for LIC products.
Here are some reasons why young people choose life insurance:
1. They are in debt
Mortgages are calculated for 20 years or more, and no one wants to leave debts after their death. Insurance companies are obliged to completely close the mortgage loan under the contract.
Investment and savings life insurance policies showed their advantage this year (when stock markets are turbulent). Most life insurers reported rising profits.
3. Tax preferences
Tax incentives are another reason for young people to think about life insurance.
Photos are from open sources.