The Facts of Life
Below you can read the results of a 2008 study by LIMRA International, which make clear the extent of insufficient life insurance coverage in America. First Investors is committed to helping clients with all of their financial needs, including those related to insurance. For assistance with your life insurance needs, please contact your representative.
Many U.S. households continue to be underinsured…
- One third of adults in the United States carry no life insurance at all.
- More than 1 in 4 men have no life insurance coverage at all and almost two thirds of men age 18 to 24 have no life insurance.
- Almost 1 in 3 women have no life insurance coverage at all and about half of women age 18 to 24 have no life insurance.
- Today, insured adults are more likely to have only group life insurance obtained through the workplace. Adults with only group coverage carry the lowest amounts of life insurance.
Baby Boomers heading towards retirement…
- There are approximately 77.8 million baby boomers (born 1946 through 1964) aged 45 to 62 years old.
- On average, three-quarters of baby boomers own some type of life insurance — half owning individual life insurance policies and the rest having group policies.
- While an average of 78.5% of men in this generation have life insurance, less than 70% of women have any life insurance.
Generations X and Y preparing for the future…
- Combined, Generations X (born 1965 through 1980) and Y (1981-1995) represent more than 126 million Americans.
- 41% of Gen X own individual life insurance while only 22% of adult Gen Y have individual life insurance policies.
- Equal numbers of Gen X and Y men and women have some form of life insurance coverage — about 7 in 10.
Source: All statistics come from LIMRA International's fact sheet, “Generations at Risk.”
