Perceived Expense Deters Two-Thirds of Millennials and Gen X Consumers from Buying Life Insurance in the USA

In research published in 2015— Cost was the reason most Americans gave for not owning life insurance, according to the 2015 Insurance Barometer Study, released by LIMRA and non-profit Life Happens. Yet, 80 percent of consumers misjudged the price for term life insurance, with Millennials overestimating the cost by 213%, and Gen Xers overestimating the cost by 119%.

The study found that nearly one third (30 percent) of Americans believe they need more life insurance and more than 2 in 5 (43 percent) say they would feel a financial impact within 6 months if the primary wage-earner died. However, the majority of Americans (54 percent) say it is unlikely they will purchase life insurance within the next 12 months.

LIMRA is a worldwide research, learning and development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries.

Life Happens is a nonprofit organization dedicated to helping consumers take personal financial responsibility through the ownership of life insurance and related products.


This is general information. Contact Experien Insurance Services to find out more about what may be suitable for your own circumstances.

Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. This is general information and you should not act on it, or rely on it, without obtaining personal advice. Always read the product disclosure statement (PDS) issued by an insurer before considering to take out insurance. See our website for our Financial Services Guide.