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Research shows Generation Y lacks life insurance coverage

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A recent white paper aimed at analyzing the insurance needs of generation Y found the demographic presents a new set of challenges for insurers, according to the Sacramento Bee.

"Gen Y has different needs, expectations and preferences than previous generations, so companies need to take a different approach when it comes to designing and communicating their benefits packages," said Stephen Bygott, director of marketing programs and research at Colonial Life. "Those who don't consider changes could risk losing their competitive edge and may be left behind."

In particular, research shows that generation Y is less financially stable and responsible than its predecessors. The average person, for instance, has held seven jobs by the time he or she is 26, and only 30 percent of Generation Y members have any form of an emergency fund.

Experts note that communication between life insurance professionals and younger generations is key to imparting the importance of insurance coverage. This can be achieved through insurance counseling and the use of technology and new media.

Life insurance participation, according to the Insurance Information Institute, took a significant hit following the economic downturn. In 2010, only one out of every three Americans was covered by an individual life insurance policy. 

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