Prudential says life insurance is changing due to millennials

Life insurance policy
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The global pandemic has influenced that influential generation, creating a notable shift in the market. The events across the last year and a half have caused a considerable change in the life insurance market, and according to Prudential Individual Life Insurance President Salene Hitchcock-Gear, millennials are behind this shift. The pandemic has placed our mortality and its consequences front and center stage. Millennials, who fall between the ages of 22 and 40 years old according to the measure used by Hitchcock-Gear, have been made well aware of the risks associated…

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Life insurance industry gap revealed among Black Americans, says survey

Life insurance policy ownership - coffin

Recent research shows that there is a racial gap in this coverage as a result of several trends. For centuries, Black Americans have viewed life insurance policy ownership in terms of a singular purpose: covering the cost of burial. According to a recent Forbes article, this ongoing trend is indicative of a race-based gap in the industry. For many years, the industry has promoted purchasing small policies just big enough for funeral costs. That life insurance policy ownership trend didn’t start winding down until this century, said the report. “For…

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