The stoop in conventional media and skepticism about social media could also be hurting life insurers’ means to achieve millennials.
Managers of the most recent LIMRA-Life Occurs insurance coverage market barometer survey discovered that, regardless that the oldest millennials are turning 44 and the youngest are already 28, millennials’ information about life insurance coverage is getting worse.
The survey staff requested individuals to estimate the annual value of time period life for a wholesome 30-year-old. In addition they included the same query in a survey carried out in 2019. The precise common value elevated to $200 this yr, from $160 5 years in the past.
The share of millennials who gave an estimate within the right class — $100 to $299 — held regular at 23%, in accordance with detailed survey outcomes shared with ThinkAdvisor.
The share who advised that the time period life protection would value $1,000 or extra climbed to 46%, from 42%.
What it means: Millennials now dominate the marketplace for life insurance coverage, and so they suppose life insurance coverage is way more costly than it’s.
The survey: LIMRA organized the survey for Life Occurs, a Nationwide Affiliation of Insurance coverage and Monetary Advisors affiliate that runs insurance coverage shopper schooling and consciousness campaigns.
The survey staff polled 4,934 U.S. adults via a web-based system in January.
The individuals had been ages 18 to 75 after they answered the questions, and all mentioned they made or helped to make monetary choices for his or her households.