US Life Insurance Consumer Habits

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

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?

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

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Christina Obolenskaya


Eleni Digalaki
Principal Analyst
David Morris
Principal Analyst

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