A new survey reveals that life insurance adoption among millennials has increased by 28 percent since 2023, driven largely by heightened awareness of mortality risk following the pandemic years. Digital-first insurers are capitalizing on this shift.
Term life policies remain the most popular product among younger buyers, with average coverage amounts hovering around $500,000. Simplified underwriting processes have removed many traditional barriers to entry.
Financial advisors recommend that young families review their coverage annually to ensure it keeps pace with growing financial obligations like mortgages and childcare costs.
