US Life Insurance Consumer Habits 2024

How Insurers Can Close Knowledge Gaps and Win New Policyholders

Key groups of US consumers face roadblocks to understanding and committing to life insurance products. Insurers that build the right marketing campaigns can bridge these gaps and grow their customer bases.

Key Question: What is preventing prospective customers from purchasing life insurance, and how can marketers address it?

Key Stat: The number of US life insurance policyholders will remain stagnant over the next two years, per our forecast, unless insurers can help consumers understand why they should commit to purchasing coverage.

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Table of Contents

  1. Executive Summary
  2. US life insurers must bridge a significant knowledge gap to capitalize on a major customer acquisition opportunity
  3. Consumers don’t understand how life insurance can fit into their budgets
  1. Gen Zers and millennials don’t know why they should buy life insurance now rather than later
  2. The life insurance coverage gender gap will continue to widen if marketing tactics aren’t adjusted
  3. Sources
  1. Media Gallery

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Lauren Ashcraft


Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
Tiffani Montez
Principal Analyst, Banking
Amy Rotondo
Director, US Research

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