Life insurance is an often misunderstood and perhaps undervalued part of wealth protection and financial planning, but core-working-age Americans value it.
In a recent survey 82% of millennials said they see life insurance as important and 48% say they want it. However, 52% do not currently have cover according to the research from Insuranks, despite half of respondents saying they would struggle with finances within 6 months of their significant other passing, one in six would struggle within a month.
Two key barriers to arranging life insurance cover emerged from the study, cost and confusion. Two thirds of poll participants said premiums were too expensive including 54% who said the cost of other insurances meant they could not afford a life policy. Meanwhile, 59% are overwhelmed by the life insurance process.
Three in ten respondents said they wish they had done so when they were younger, with 27 the average age of taking out a policy while 19% did so before they were 21.
Of those who do have a policy, a third did so when they started their first job, 27% when they started a family, and 14% when they got married.
But along with protecting loved ones, life insurance policies can have other benefits for older Americans such as helping them mitigate inflation with life settlements.
The value of life insurance offered through an employer is clear with a quarter saying they took out a policy through their work because it was free or low cost. Average monthly premiums for those with a policy via work was $29 while for those with a policy outside of work it was $56.
As well as cost, millennials want flexibility from their life insurance policies, and will also consider brand reputation, customer reviews, and deductible options when selecting an insurer.
Canadian stocks are on a roll in 2025 as the country prepares to name a new Prime Minister.
Two C-level leaders reveal the new time-saving tools they've implemented and what advisors are doing with their newly freed-up hours.
The RIA led by Merrill Lynch veteran John Thiel is helping its advisors take part in the growing trend toward fee-based annuities.
Driven by robust transaction activity amid market turbulence and increased focus on billion-dollar plus targets, Echelon Partners expects another all-time high in 2025.
The looming threat of federal funding cuts to state and local governments has lawmakers weighing a levy that was phased out in 1981.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
