Estimated cost of life insurance in the U.S. 2020, by generation

Published by Statista Research Department, Nov 1, 2024
Half of American Millennials believed that term life insurance cost one thousand U.S. dollars or more per year in 20120, whereas only 28 percent of non-Millennials said the same. The average cost of such a policy is about 160 U.S. dollars annually, according to the source, which shows that many Americans, especially Millennials, overestimate the cost of term life insurance.

Estimated cost of term life insurance in the United States in 2020, by generation

Cost in U.S. dollarsMillennialsGen XBaby Boomers
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Statistic: Estimated cost of term life insurance in the United States in 2020, by generation

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Sources

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Release date

May 2020

Region

United States

Survey time period

January 2020

Number of respondents

1,997 respondents

Method of interview

Online panel

Supplementary notes

The estimated yearly cost was for a 250,000 U.S. dollar term life policy for a healthy, non-smoking 30 year old.

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