Millennials and Gen Z Know They Need Life Insurance — So Why Aren’t More Buying It? (2024)

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e=r.searchBoxForm.querySelector("[name=fr]"),n=r.searchBoxForm.querySelector("[name=fr2]");e&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr&&(e.value=i.searchBox.params.fr,e.disabled=!1),n&&r.config.searchBox&&r.config.searchBox.params&&r.config.searchBox.params.fr2&&(n.value=i.searchBox.params.fr2,n.disabled=!1),r.searchBoxForm.submit()}}),1e3)},r.recognition.onspeechstart=function(){},r.recognition.onspeechend=function(){r.recognition.stop()},r.recognition.onerror=function(){r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_error")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play()},r.recognition.onaudiostart=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.add("listening")},r.recognition.onaudioend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("listening")},r.recognition.onsoundstart=function(){r.hideTrending(r),r.noSpeech=!1,r.speechButtonContainer&&(r.speechButtonContainer.classList.remove("listening"),r.speechButtonContainer.classList.add("speaking"))},r.recognition.onsoundend=function(){r.speechButtonContainer&&r.speechButtonContainer.classList.remove("speaking")},r.recognition.onstart=function(){r.recognitionInit(r),r.startRecognition(r)},r.recognition.onend=function(){r.isRecognitionStart=!1,0==r.noSpeech&&""==r.speechResult&&(r.speechText&&(r.speechText.innerText=r.i18n.t("search.voice.recognition_nomatch")),r.hideTrending(r),r.showRetryLink(r),r.errorAudio.play())},document&&document.dispatchEvent&&document.dispatchEvent(new Event("VOICE_JS_READY"))}}o.I18n=m,o.prototype.renderPermissionGuide=function(e){var n='\n

    \n

    \n

    \n

    \n

    \n

    \n

    \n

    '.concat(e.i18n.t("search.voice.permission_title"),'

    \n

    ').concat(e.i18n.t("search.voice.permission_text"),"

    \n

    \n

    \n

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    \n

    \n

    \n

    \n

    \n

    \n \n \n \n \n \n \n

    \n

    \n

    \n \n \n '.concat(e.i18n.t("search.voice.recognition_retry"),'\n

    \n

    \n

    \n

    \n

    \n

    \n ').concat(e.i18n.t("search.voice.trending_title"),'\n \n

    \n

    \n

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e)&&("SpeechGrammarList"in e||"webkitSpeechGrammarList"in e)}}],d=0;d0){var n=e.speechResult.charAt(e.speechResult.length-1);"."!==n&&"?"!==n&&"。"!==n&&"?"!==n||(e.speechResult=e.speechResult.slice(0,-1))}},o.prototype.sendBeacon=function(n,t){var o=e.YAHOO.ULT||{},i=e.YAHOO.SB||{};if(o.beacon_click){var r={_S:i.config.i13n.spaceid,_I:i.config.i13n.pvid,actn:n,sec:"search",slk:t};e.YAHOO.ULT.beacon_click(r)}},o.prototype.ajaxReq=function(t,o){var i,r,a=XMLHttpRequest.DONE||4,s=new XMLHttpRequest;if(n.documentMode&&n.documentMode<10)return(new e.XDomainRequest).onload=function(){try{r=JSON.parse(i),o(r)}catch(e){return}},s.open("GET",t),void s.send();s.onreadystatechange=function(){if(s.readyState===a)if(200===s.status){i=s.responseText;try{r=JSON.parse(i),o(r)}catch(e){return}}else o(r)},s.open("GET",t,!0),s.timeout=1e4,s.send()},e.YAHOO||(e.YAHOO={}),e.YAHOO.Util||(e.YAHOO.Util={}),e.YAHOO.Util.VoiceSearch=o}(window,document)}();var Wn={containerClass:Un.tooltip,textClass:Un.tooltip__text,showClass:Un["tooltip--show"]},Jn=["zh-hant-tw","zh-hant-hk"];ye("ybar-mod-searchbox",(function(e){var n={ybar:document.getElementById("ybar"),searchInput:document.getElementById("ybar-sbq"),buttonBar:document.querySelector(".".concat(Un["sa-btn-bar"])),voiceSearchBtn:document.getElementById("ybar-sbq-voice"),searchForm:document.getElementById("ybar-sf"),searchBoxIcon:document.querySelector(".".concat(Un["searchbox-icon-uh3"])),searchBoxPlaceholder:document.getElementById("ybar-smartphone-searchbox-placeholder"),searchBoxBackButton:document.getElementById("ybar-search-back-btn"),shopsButtonsWrap:document.querySelector(".".concat(Un["shops-buttons"])),categorySelect:document.getElementById("shops-category-select"),selectedMerchantInput:document.getElementById("selected-merchant-input"),selectedMerchantClearButton:document.querySelector(".".concat(Un["selected-merchant-clear-button"])),submitSearchBtn:document.getElementById("ybar-search"),clearSearchBtn:document.getElementById("ybar-sbq-x")};!function(e,n){var t,o,i,r=e.getConfig();if(n.ybar&&"desktop"===r.device&&(null===(t=r.bucketConfig)||void 0===t?void 0:t.highlight_searchassist)&&(null===(o=r.bucketConfig)||void 0===o?void 0:o.overlay_class)){n.ybar.setAttribute("data-ovrly-bkt",r.bucketConfig.overlay_class),null===(i=n.searchForm)||void 0===i||i.classList.add(Un[r.bucketConfig.overlay_class]);var a=document.createElement("div");a.classList.add(Un.overlay,Un[r.bucketConfig.overlay_class]),document.body.appendChild(a),e.onDestroy((function(){document.body.removeChild(a)})),e.addElementListener(n.searchForm,"focusout",(function(e){if(n.searchForm&&n.searchInput){var t=e.relatedTarget;t&&!n.searchForm.contains(t)&&window.YAHOO.SA&&window.YAHOO.SA.apps&&window.YAHOO.SA.apps[0]&&window.YAHOO.SA.apps[0].view.shown&&window.YAHOO.SA.apps[0].view.hide()}}))}}(e,n),Fn(e,n),n.voiceSearchBtn&&function(e,n){var t=e.getConfig(),o=t.locale,i=function(){var e,t;(null===(t=null===(e=window.YAHOO)||void 0===e?void 0:e.Util)||void 0===t?void 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    Millennials and Gen Z Know They Need Life Insurance — So Why Aren’t More Buying It? (2024)

    FAQs

    Millennials and Gen Z Know They Need Life Insurance — So Why Aren’t More Buying It? ›

    One of the easiest solutions to engage younger consumers – and one of the biggest barriers to insurance adoption – is overcoming the complexity that has been inherent in the industry's positioning. Millennials and Gen Z remember their parents agonizing over insurance – and not just the costs.

    Why millennials don t buy life insurance? ›

    Perceived cost

    Millennials may perceive life insurance as expensive, especially when burdened with student loan debt, housing costs, and other financial obligations. For example, federal student loan debt totals over $1.6 trillion, and millennials hold over one-third of this debt.

    Why would you no longer need a life insurance policy? ›

    If you retire and no longer work to make ends meet, you probably don't need life insurance in retirement. One exception is if you expect to owe estate taxes, in which case, life insurance can be a good solution to cover the bill.

    What percentage of millennials have life insurance? ›

    What percentage of millennials have life insurance? According to Life Happens, 48% of millennials say they own life insurance, and nearly half say they either need to get coverage or increase their life insurance protection.

    Why is life harder for Gen Z? ›

    She says Gen Z faces more challenges in some ways than previous generations. “There's a growth in inequality in the transition to adulthood. There's a lot of changes in culture and norms, insecurity more generally, in terms of climate change and the war and school shootings and rapid inflation.

    Why do people not want to buy life insurance? ›

    What are reasons not to buy life insurance? Reasons not to buy life insurance can include not having beneficiaries, not having beneficiaries who need financial support in the event of your death, or not having enough cash flow to pay for premiums.

    At what age should you stop buying life insurance? ›

    There isn't any age cut-off that makes life insurance no longer worth it; it's all about your personal situation. That being said, it is often worth having life insurance after 65 if you have dependents who rely on you financially.

    At what point is life insurance not worth it? ›

    Drawbacks of life insurance

    Policies can be canceled if you miss payments, leaving your beneficiaries without a death benefit when you die. Coverage can cost more than the payout. If you're older or have a serious health condition, the potential life insurance payout may not be worth the cost.

    Who really needs life insurance? ›

    The bottom line. Everyone has different needs and considerations when it comes to deciding whether or not they need life insurance. In general, life insurance could be beneficial for small business owners, parents with jobs, stay-at-home parents, retirees, single people without children and empty nesters.

    What is the main disadvantage of life insurance? ›

    Cons of life insurance

    One disadvantage of life insurance is that the older you are, the more you'll pay for a policy. This is because you're more likely to pass away during the policy period than a younger policyholder and will, in turn, cost the life insurance company more money.

    What is the most common age to buy life insurance? ›

    The majority of people start thinking about a life insurance policy when they reach the age of 30. The reasons are clear: many people decide to start a family at this age or already have a small child or children.

    Is 40 too old to get life insurance? ›

    If someone depends on you financially, life insurance can be a good idea at any age. Costs increase with age, so it's a good idea to lock in your rate as soon as you identify a need for coverage. You can hold multiple insurance policies and ladder your coverage as your needs change.

    Which age group is most uninsured? ›

    Young Adults (Ages 18 Through 24 Years)

    Almost three out of every ten young adults do not have health insurance. Members of this age group are nearly twice as likely to be uninsured compared to members of the general population under age 65.

    What is Gen Z biggest problem? ›

    Gen Z Struggles With Mental Health

    Mental health can be one of the most taboo problems with Gen Z in the workplace, as Gen Z struggles with mental health conditions at higher rates than other generations.

    Which generation is struggling the most? ›

    Not just growing pains: Gen Z reports suffering more than other generations did at their age. A new study from Gallup shows a crushing youth mental health crisis, because teens are more tuned in than ever.

    Why are millennials and Gen Z struggling today? ›

    The study shows that even as cost of living increases, especially amid high inflation, 22-24-year-olds today have lower income and higher debt-to-income ratios than 22-24-year-olds ten years ago. Today, 22-24-year-olds are making an average of $45,493, according to the Q4 data from 2023.

    Why are less people buying life insurance? ›

    The above-cited LIMRA study shows that 42% of consumers do not purchase life insurance because of its high cost. Additionally, over half of Americans overestimate the cost of life insurance, believing it to be three times more expensive than it is.

    Why do people not take life insurance? ›

    Even though life insurance offers many benefits, many people fail to buy one mainly because they believe that it is an unnecessary expense and don't understand its importance.

    Why do people put off buying life insurance? ›

    The subject is boring and morbid

    If you really don't like to think about death, you're not alone. Death is an unpleasant subject, and life insurance raises issues of our own mortality. Some people say that the very thought of starting the life insurance buying process makes them feel stressed out.

    Should a 30 year old get life insurance? ›

    If you're in your 30s, it's time to start thinking about securing your future and providing a financial safety net for your loved ones. Whether you're in a committed relationship, have children, or are navigating the financial responsibilities of home ownership, life insurance can offer invaluable protection.

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