Type of Individual Coverage Owned , by Generation , 2021 ( Insureds )
Total |
Permanent
Term
|
52 %
|
66 %
|
Gen Z ( 18-21 ) |
Permanent
Term
|
50 % 58 %
|
|
Millennials ( 22-40 ) |
Permanent Term |
|
62 %
62 %
|
Gen X ( 41-56 ) |
Permanent Term |
55 %
|
61 %
|
Baby Boomers ( 57-75 ) |
Permanent
Term
|
38 %
|
75 %
|
|
Source : 2021 Insurance Barometer Study |
|
|
Revisiting the gap
As discussed in past issues of NAILBA ’ s Perspective magazine , a significant need gap exists in coverage . Data gathered in the LIMRA study identifies the uninsured by generation , race , and ethnicity . The need-gap segment represents 29 percent of the population , an estimated are 73 million Americans . Additionally , the non-owners who need life insurance and owners who need more coverage represent 40 percent of the survey sample suggesting more than 100 million consumers are in the market for life insurance .
Needs and owns life insurance , by race and ethnicity
Total
Owns life insurance Needs life insurance
52 % 70 %
White
Hispanic
Black
Owns life insurance Needs life insurance
Owns life insurance Needs life insurance
Owns life insurance Needs life insurance
Source : 2021 Insurance Barometer Study
52 % 68 %
51 % 78 %
56 % 75 %