Life changing
INSURANCE
He says this increase in awareness represents a “ golden opportunity ” for agile providers to connect with millennial customers by providing a vital service , that is highly converted within this demographic .
The pandemic has also shed light on how an inability to work , the death of a loved one , reduced earnings or how losing your source of income , can dramatically impact quality of life .”
“ As a result , we ’ ve seen a jump in the numbers of people coming to us who are curious about income protection , critical illness cover and life insurance – with a third of our users citing the pandemic as the sole reason for looking into life insurance ,” says Vanek .
Life changing
According to a 2018 study by New York
Life , the average generation x-er has a 48 % coverage shortfall in life insurance . The recommended amount is $ 525,000 in coverage but most only obtain only $ 272,000 if they purchase any at all .
Legal & General carried out a study on generation x-ers attitudes to life insurance . The report revealed that 9 out of 10 respondents overestimated the cost of a life insurance policy for a 30-year-old , and 44 % of those without cover didn ’ t realise it could be used to help pay off the mortgage in the event of their death .
The same Legal & General report discovered that the main reason millennials don ’ t have life insurance is that they believe other expenses should take higher priority . One in five joint mortgage holders without cover said subscriptions like Netflix were more important than life insurance .
44 November 2021