Many younger people in their 20s probably aren’t thinking about life insurance. Most are getting settled in their careers and trying to get their finances in order. However, many financial experts say that your 20s is the best time to purchase life insurance. If you are healthy and do not smoke, life insurance rates are likely to be low. Are younger people buying more life insurance policies than older generations? Insurance policy website Insurist.com conducted a Life Insurance Consumer Report Study in order to determine which generations tend to buy life insurance the most and how much coverage they typically buy.
Overall, 84% of people buying life insurance policies with more than $1 million in coverage are between the ages of 18-44. The remaining 16% are those between the ages of 45-64. No one older than 65 was purchasing life insurance policies of more than $1 million. Younger people likely have more time to contribute to their life insurance plan, making high coverage plans more affordable to them than older generations.
Infographic by: insurist