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Half of Americans don’t have any life insurance. Here’s why that’s a mistake
Nearly half of Americans don’t have a life insurance policy, according to a new study, with wide disparities based on age, gender,…
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2 days ago
Only 36% of Gen Z has life insurance, according to a report from Western & Southern.
Nearly half of Americans don’t have a life insurance policy, according to a new study, with wide disparities based on age, gender, income and race.
A report from Western & Southern Financial Group found that just 51% of U.S. adults had any kind of life insurance.
Of those who are covered, about a quarter (26%) only have a group life policy from their employer. While inexpensive and easy to get, group policies have low coverage limits, little room for customization and expire when you leave your job.
Perhaps not surprisingly, the odds of coverage increase with age: Just 36% of Gen Z had life insurance, according to the report, the lowest of any generation. That’s compared to 50% of Millennials, 55% of Gen X and 57% of Baby Boomers.
“That number for Gen Z should be a wake-up call,” Troy Brodie, senior vice president with Western & Southern Life, told CNBC Select. “Too many Americans still view life insurance as something you don’t need until later in life. But that frame of mind leaves millions vulnerable financially.”
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