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Gen Y shows highest interest in insurance

Generation Y is more likely to consider life insurance after being prompted by a financial adviser compared with any other age cohort, according to Tal Life research.

The research found while 19 per cent of respondents considered their life cover requirements after discussing this with an adviser, this figure rose to 26 per cent among generation Y.

Tal Group chief executive Jim Minto said the results indicate younger adults are making their own decision to take out life insurance at a higher rate than older generations.

Mr Minto said this shows they are “more engaged in their financial affairs than they have been given credit for in the past”.

“Younger generations are using technology to take matters into their own hands to seek out services and products to meet their needs, and it appears that their own research is them into seeking out financial products and advice.”

The research also discovered the decision to purchase life insurance is usually made independently with 39 per cent of respondents setting up insurance without being prompted by others.

The second reason for taking out life insurance was the life insurance being included in the respondent’s for purchasing life insurance was respondents coming to their own decision with 39 per cent coming to the decision independently.