"Gen Z and millennials are delaying traditional milestones like marriage, homeownership, and parenthood due to high housing costs and stagnant wages, which is shifting how they view financial products like life insurance. While many see life insurance as essential, they skip it because policies feel too rigid or confusing. Capgemini's research suggests Gen Z and millennials want flexible "living benefits" they can use while alive."
"But the thought of having to pay for it when they still can't afford to buy a home doesn't make sense to them. "They're getting married later, having children later, not [making] financial decisions like [buying] a home or something of that nature," she said. "They tend to either put more away, like in the 401K, or they tend to open up their own type of investment accounts and take that extra money and put it away."
Rising housing costs and stagnant wages are causing Gen Z and millennials to delay marriage, homeownership, and parenthood and to prioritize present experiences like travel and large purchases. Many adults under 40 view life insurance as essential, yet a large share forgoes coverage because policies feel rigid, confusing, or unaffordable relative to other financial priorities. Nearly 70% of adults under 40 consider life insurance essential. Survey data from over 6,100 people aged 18–39 across 18 markets and 200 senior insurance executives indicates demand for flexible "living benefits" and preference for very low-cost or free coverage.
Read at Fortune
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