Covering burial and final expenses was the leading reason for millennials and Gen Z in the United States to own life insurance in 2023. More than half of millennial respondents and 38 percent of Gen Z respondents cited it as their motivation for owning it. Leaving an inheritance or transferring wealth was the second most popular reason. In 2023, more than half of U.S. adults owned life insurance.
Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023
Multiple answers were possible. The source does not specify the number of respondents. However, more than 8,000 respondents participated in the 2022 edition of this survey and approximately 40 percent were Gen Z or millennials. Thus, it
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LIMRA, & Life Happens. (May 2, 2023). Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023 [Graph]. In Statista. Retrieved December 21, 2024, from https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/
LIMRA, und Life Happens. "Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023." Chart. May 2, 2023. Statista. Accessed December 21, 2024. https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/
LIMRA, Life Happens. (2023). Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023. Statista. Statista Inc.. Accessed: December 21, 2024. https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/
LIMRA, and Life Happens. "Leading Reasons for Owning Life Insurance among Gen Z and Millennials in The United States in 2023." Statista, Statista Inc., 2 May 2023, https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/
LIMRA & Life Happens, Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023 Statista, https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/ (last visited December 21, 2024)
Leading reasons for owning life insurance among Gen Z and millennials in the United States in 2023 [Graph], LIMRA, & Life Happens, May 2, 2023. [Online]. Available: https://www.statista.com/statistics/381073/reasons-for-owning-life-insurance-usa/
