Washington, DC, January 26, 2021 – Greenwald Research (Greenwald), a leading independent custom research firm and consulting partner to the health and wealth industries, today released a new syndicated research study powered by response:AI. The study shares survey data on Millennial Americans’ experiences with and attitudes toward life insurance. Through an online study fielded in November and December 2020, the study details the impact of the COVID-19 pandemic on Millennial attitudes, research, and buying behavior related to life insurance.
The COVID-19 pandemic has undeniably caused each generation to think critically about their financial security and what the future may hold, and Millennials are no different. Survey findings show that the primary financial change that Millennials have made in response to the pandemic has been to set aside savings or start an emergency fund (26%). Fifteen percent have had to decrease the amount they put into their retirement plan, while 36% have not made any changes to their financial situation. COVID-19 has also driven them to think more about life insurance, with concerns for their families’ health and safety as well as their own being the primary reason for this marked shift in priorities.
Lisa Greenwald, CEO of Greenwald Research, sees this change as an opportunity for Millennials. “The global COVID-19 pandemic has radically changed each generation’s outlook on both their physical and financial health and wellbeing—especially Millennials’. The end of 2020 provided a great opportunity to connect with them to get insight into how they’ve been reevaluating their priorities and how the pandemic has shifted their attitudes toward life insurance in particular. Our findings were immensely valuable for insurance providers, as they aim to help millennials prepare for their future.”
The survey revealed that Millennials need guidance on how much life insurance coverage they need, and nearly all are open to using online tools to accomplish this. Fewer than half of Millennials surveyed report knowing how much coverage they require, with only 38% saying they’ve done the calculations.
The survey offered helpful information about how and where Millennials purchase life insurance. It revealed that seven in ten want their carrier to offer a variety of insurance and investment products but also want life insurance expertise. Similarly, high shares say the ability to research and purchase a policy online is important, but they also value the ability to meet with agents in person.
“Being an online generation, it makes sense that Millennials are looking for ways to research and purchase life insurance policies online,” said Fred Barber, CEO of response:AI. “But it is affirming to know that insurance agents and advisors, their expertise, and their time, is valued.”
Armed with new knowledge from the Millennial Life Insurance Survey findings, professionals in the financial services industries will now be better prepared to educate and provide valuable life insurance options to Millennials nationwide—both in-person and online.
Complete findings from the Millennial Life Insurance Survey are available for public purchase along with Greenwald’s recently released Rethinking Retirement study. To become a partner and gain early access to results in future studies, contact Greenwald.
About the Survey
Enabled by the automated platform response:AI, which allows sponsors to receive reliable and actionable findings quickly, the Millennial Life Insurance Survey included a nationally representative sample of Millennial consumers ages 24–39 who are either married or have dependent children with a household income of at least $50K. The Millennial Life Insurance Survey supports professionals in the industry by allowing them to gain a greater understanding of how American Millennials perceive the need for both life insurance and financial security. It provides valuable insight into how Millennials prefer to research, choose, and purchase life insurance, which insurance agents, financial advisors, and other industry professionals can utilize in their day-to-day work.
About Greenwald Research
Greenwald Research is a leading independent custom research firm and consulting partner to the health and wealth industries that applies creative and quantitative and qualitative methods to produce knowledge that helps companies stay competitive and navigate industry change. By leveraging deep subject matter expertise and a trusted consultative approach, Greenwald offers comprehensive services for weaving rich research stories that answer strategic business questions. Visit greenwaldresearch.com to learn more.