Source: Fortune
Summary
A recent study by Capgemini found that Gen Z and millennials are delaying major life milestones, such as buying a home or becoming a parent, due to rising housing costs and stagnant wages. As a result, they are also putting off purchasing life insurance, with 63% having no immediate marriage plans and 84% having no immediate plans to have a child. The study suggests that the life insurance industry needs to change to meet the needs of younger generations, who want flexible financial products that can be used while they are still alive. Samantha Chow, global leader for life insurance at Capgemini, notes that the industry has failed to educate younger generations about the benefits of life insurance and that the product needs to be more flexible and accessible.
Our Reading
The numbers tell one story.
Gen Z and millennials are delaying major life milestones, and life insurance is not a priority. Capgemini’s study found that 70% of adults under 40 see life insurance as essential, but the options don’t align with their financial priorities. Samantha Chow notes that the industry has failed to educate younger generations about the benefits of life insurance. The industry needs to change to meet the needs of younger generations, who want flexible financial products that can be used while they are still alive. The life insurance industry is facing a wake-up call.
Life insurance is not just for death benefits; it’s also a financial product that can be used while you’re alive.
Author: Evan Null
