Half of American Millennials believed that term life insurance cost one thousand U.S. dollars or more per year in 20120, whereas only 28 percent of non-Millennials said the same. The average cost of such a policy is about 160 U.S. dollars annually, according to the source, which shows that many Americans, especially Millennials, overestimate the cost of term life insurance.
Estimated cost of term life insurance in the United States in 2020, by generation
Cost in U.S. dollars
Millennials
Gen X
Baby Boomers
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LIMRA, & Life Happens. (May 22, 2020). Estimated cost of term life insurance in the United States in 2020, by generation [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/
LIMRA, und Life Happens. "Estimated cost of term life insurance in the United States in 2020, by generation." Chart. May 22, 2020. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/
LIMRA, Life Happens. (2020). Estimated cost of term life insurance in the United States in 2020, by generation. Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/
LIMRA, and Life Happens. "Estimated Cost of Term Life Insurance in The United States in 2020, by Generation." Statista, Statista Inc., 22 May 2020, https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/
LIMRA & Life Happens, Estimated cost of term life insurance in the United States in 2020, by generation Statista, https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/ (last visited July 27, 2024)
Estimated cost of term life insurance in the United States in 2020, by generation [Graph], LIMRA, & Life Happens, May 22, 2020. [Online]. Available: https://www.statista.com/statistics/1035489/life-insurance-cost-by-generation-us/