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In an article called Generations at Risk in a recent trade publication called insurancenewsnet magazine, LIMRA, an industry research organization divided the generations and laid out some interesting facts about our take on life insurance and where we buy it.

Probably the most important fact was that, whether Boomers, Gen X or Gen Y, we still remain under insured in relation to the financial loss that would occur upon death. Fully one third of adults in our country carry no life insurance at all. One in four men overall don’t carry life insurance, while two thirds of men 18-24 don’t insure themselves or don’t have insurance in force carried by their parents. For women it is one in three overall and half in the 18-24 group.

Most adults who do have life insurance get it through their workplace in the form of group insurance. Those who carry only group insurance on average carry the lowest amount compared with other adults.

The difference in buying habits is no surprise with us Boomers still tending to buy life insurance in a traditional way, while Gen X and Y are more likely to purchase via the internet. The sad part for us as Boomers is that the youngsters probably have it right on this subject. I know. Kind of kicks my gag reflex too, but the fact is that the traditional agent is generally not a well equipped and versatile independent agent.

On the flip side of that is the fact that Boomers tend to be more life insurance savvy and are less likely to be taken by some of the on line mega agency nonsense.

Bottom line. Generations will always do things in different ways, but the thing that is remaining constant is the under insured picture.