Gen Z and Millennials know how important the coverage is, but they aren’t shopping to that degree. According to a recent study, Gen Z and Millennials are well aware of the importance and benefit of having life insurance coverage, but they aren’t purchasing policies to a degree that reflects that understanding. The research found that those generations are slightly less covered than the average of all adults. The research was conducted by Life Happens, an insurance education organization, which published its results in the 2023 Insurance Barometer Study. Life Happens…
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Life insurance is vastly misunderstood among American consumers
LIMRA has reported that 70 percent of people in the U.S. don’t understand the coverage. In the United States, ownership of life insurance has reached a historical low and a recent LIMRA study has suggested that it is likely because Americans don’t understand why it is needed or how the products in that sector actually work. The global consulting and research organization determined that there is a lack of understanding and knowledge. In order to come up with this claim, LIMRA applied a type of IQ test for life insurance…
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