|
Coming to the table early
Millennials lead the way in firsttime purchasing of life insurance in 2020 . As the 2021 Insurance Barometer Study by LIMRA reveals , growth was seen across all demographics with 50 % of the new policies obtained via an employer sponsored program versus individual purchases . The insurance products also have seen significant trends over the past 11 years as depicted in the adjacent graph .
|
Total
Male
Female
Gen Z ( 18-21 )
Millennials ( 22-40 )
Gen X ( 41-56 )
Baby Boomers ( 57-75 )
White
Hispanic
|
2 %
|
13 %
16 %
11 %
11 % 24 %
14 %
13 % 14 %
|
Black |
17 %
|
|
60 %
55 %
50 %
|
63 % |
59 % |
62 % |
57 % 57 % |
60 % |
59 % 59 % |
57 % |
54 % |
52 % |
Life |
45 % |
||||||||||
40 % |
||||||||||
35 % |
|
30 %
25 %
20 %
15 %
10 %
|
27 %
15 %
|
31 %
30 %
14 % 14 %
|
29 %
26 %
13 % 13 %
|
23 %
16 %
|
20 % 20 % 20 %
14 %
15 % 15 % 12 %
|
18 %
16 %
|
18 %
21 %
14 %
|
Annuity *
Long-term care
Disability
|
5 % |