US Life Insurance Consumer Habits

Life Insurance Ownership Weakens—but Gen Z Brings the Next Big Opportunity

Report by Christina Obolenskaya  | Mar 27, 2023
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Executive Summary
US life insurers face declining policyholder numbers and subdued premium growth.
Insurers fight for a squeezed pie, but opportunities abound among younger and female consumers.
Gen Z can lead the market in the future but needs assurance before signing on.
Millennials can be swayed by lower prices, which could help reverse policy decline.
Digital channels are necessary to secure the Gen X consumer.
YouTube and Facebook can help boost ownership among boomers.
With an emphasis on short-term benefits, more women could be sold on life insurance.
How can insurers capture future policyholders?
Sources
Media Gallery
About This Report
US life insurance ownership is dropping as consumers face a challenging economic environment. Understanding how different demographic cohorts approach life insurance can help shape generation-specific acquisition strategies.
Topics
Insurance
Marketing Tactics
Marketing Spending
US
Table of Contents
Executive Summary
US life insurers face declining policyholder numbers and subdued premium growth.
Insurers fight for a squeezed pie, but opportunities abound among younger and female consumers.
Gen Z can lead the market in the future but needs assurance before signing on.
Millennials can be swayed by lower prices, which could help reverse policy decline.
Digital channels are necessary to secure the Gen X consumer.
YouTube and Facebook can help boost ownership among boomers.
With an emphasis on short-term benefits, more women could be sold on life insurance.
How can insurers capture future policyholders?
Sources
Media Gallery

Executive Summary

Life insurance ownership is dwindling among US consumers, but demographic trends can shape acquisition strategies of new life insurance policyholders. Addressing pain points of each demographic cohort will help marketers boost ownership rates of policies across the board.

Key Question: How should insurers market across different demographics to grow revenues?

US Life Insurance Policyholders, by Generation, 2015-2025 (% of total population in each group)
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KEY STAT: Since 2020, the number of life insurance policyholders has declined by 6.9%. Insurers must fight against the decreasing ownership rates by including the right marketing campaigns and digital tools.

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Table of Contents

  1. Executive Summary
  2. US life insurers face declining policyholder numbers and subdued premium growth.
  3. Insurers fight for a squeezed pie, but opportunities abound among younger and female consumers.
  4. Gen Z can lead the market in the future but needs assurance before signing on.
  1. Millennials can be swayed by lower prices, which could help reverse policy decline.
  2. Digital channels are necessary to secure the Gen X consumer.
  3. YouTube and Facebook can help boost ownership among boomers.
  4. With an emphasis on short-term benefits, more women could be sold on life insurance.
  1. How can insurers capture future policyholders?
  2. Sources
  3. Media Gallery

Charts in This Report

US Life Insurance Policyholders, by Generation, 2015-2025 (% of total population in each group)Gen Z Grows in Life Insurance Ownership, but Millennial Rates Drop, 2020-2025 (% of population)
How Do US Adults Shop for Life Insurance? (% of respondents, by generation, Jan 2022)Baby Boomers Represent the Biggest Share of Life Insurance Policyholders, 2016-2025 (millions)
US Life Insurance Policyholders, by Gender, 2015-2025 (% of population)

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Download
Report
The One-Pager
Deck
Share
Table of Contents
Executive Summary
US life insurers face declining policyholder numbers and subdued premium growth.
Insurers fight for a squeezed pie, but opportunities abound among younger and female consumers.
Gen Z can lead the market in the future but needs assurance before signing on.
Millennials can be swayed by lower prices, which could help reverse policy decline.
Digital channels are necessary to secure the Gen X consumer.
YouTube and Facebook can help boost ownership among boomers.
With an emphasis on short-term benefits, more women could be sold on life insurance.
How can insurers capture future policyholders?
Sources
Media Gallery
About This Report
US life insurance ownership is dropping as consumers face a challenging economic environment. Understanding how different demographic cohorts approach life insurance can help shape generation-specific acquisition strategies.
Topics
Insurance
Marketing Tactics
Marketing Spending
US
Table of Contents
Executive Summary
US life insurers face declining policyholder numbers and subdued premium growth.
Insurers fight for a squeezed pie, but opportunities abound among younger and female consumers.
Gen Z can lead the market in the future but needs assurance before signing on.
Millennials can be swayed by lower prices, which could help reverse policy decline.
Digital channels are necessary to secure the Gen X consumer.
YouTube and Facebook can help boost ownership among boomers.
With an emphasis on short-term benefits, more women could be sold on life insurance.
How can insurers capture future policyholders?
Sources
Media Gallery
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authors

Christina Obolenskaya

Contributors

Eleni Digalaki
Principal Analyst
David Morris
Principal Analyst