Leading reasons for buying life insurance among young people in the U.S. 2023
Covering burial and final expenses was the leading reason for millennials and Gen Z in the United States to own life insurance in 2023. More than half of millennial respondents and 38 percent of Gen Z respondents cited it as their motivation for owning it. Leaving an inheritance or transferring wealth was the second most popular reason. In 2023, more than half of U.S. adults owned life insurance.
