What demographic is most likely to buy life insurance?

Meanwhile, 71 percent of life insured people work full time, 76 percent are homeowners and 64 percent of them are married, compared to 60 percent, 64 percent. Gen Z American adults are the least likely to have life insurance, while boomers are the most likely to have coverage. This is the second in a two-part series that explores how insurers can promote financial inclusion by improving knowledge and access to life insurance products. In addition, it seems that those who already have life insurance are also planners by nature; nearly 70 percent of people who participate in group retirement savings plans, such as 401 (k) plans and pensions, also have life insurance coverage.

Guaranteed issuance life insurance is a type of policy that omits the standard health requirements for life insurance policies. Insurers should also examine how each group prefers to interact throughout the life insurance lifecycle, as well as their preferences in terms of product characteristics and holistic financial portfolios. Of the insurance providers that rely on the National Association of Insurance Commissioners, the top 10 insurance providers are responsible for nearly half of all life insurance policies.