Although the stock market has been on a roller coaster ride, the life insurance industry is enjoying a bull market.
A record-high 39% of consumers plan to purchase life insurance within the next year, the 2023 Insurance Barometer Study from LIMRA and Life Happens found. The intent to buy is even higher among Gen Z adults (44%) and millennials (50%).
"Younger generations experienced a life-altering event just as they were starting their careers, getting married and having children," says Alison Salka, Ph.D., senior vice president and head of LIMRA research. "The realization of how precarious life can be may have made them more aware of the need to protect their loved ones."
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