This document provides insurance statistics by generation to help sales representatives discuss coverage needs with customers. It finds that a 35-year-old blue collar worker has a 34% chance of a long-term disability, and the average length is nearly 6 years. Most people will develop cancer or a chronic illness in their lifetime. The leading cause of death for Gen Xers and Millennials is unintentional injury. Many lack adequate emergency savings or life insurance to cover expenses, with Gen Xers having the largest coverage gap. Proper insurance can help prepare for unexpected disabilities, illnesses, or death.

1. P r e p a r a t i o n f o r t h e G e n e r a t i o n s
WHO NEEDS INSURANCE?
Here are some facts by generation that insurance company sales reps,
agents and producers can share with customers when reviewing their Disability,
Critical Illness and Life insurance coverages.

2. Caution!
A life-changing event may be
up ahead.
EXPECT THE
UNEXPECTED

3. EXPECT THE UNEXPECTED
A 35-year-old blue collar worker has a 34%
chance of having a 90-day disability. And, if that
disability stretches beyond 90 days, the average
length of disability would be just under six years.
The likelihood of a disabling injury or illness is probably
greater than many people think.
Source: Gen Re [Calculations based upon the 2012 Individual Disability Experience
Committee (IDEC) tables; figures are for Class 4–Blue Collar, Heavy Manual Duties]
Disability
Insurance

4. EXPECT THE UNEXPECTED
Source: National Cancer Institute, Surveillance, Epidemiology and End Results (SEER)
Program, 2014
Males have a 1-in-2 chance, and females have a
1-in-3 chance, of developing a malignant cancer.
The chances of having a chronic condition may be surprising. Critical Illness
Insurance

5. EXPECT THE UNEXPECTED
Source: Centers for Disease Control and Prevention, National Vital Statistics System,
Deaths: Final Data for 2011, released June 2014
Across these two generations, over 30,000
deaths were attributed to unintentional injuries
in 2011.
The leading cause of death for Gen Xers and Millennials is
unintentional injury.
Life
Insurance

6. BE
PREPARED
Without insurance,
a catastrophic life event
would leave most people
financially unprepared.

7. BE PREPARED
Source: Experian, Fourth Annual State of Credit, 2013
Gen Xers and Baby Boomers carry
the most credit card debt on
average—over $5,000.
Millennials
Gen Xers
Baby Boomers
Greatest
Generation $3,044
$5,347
$5,343
$2,682

8. BE PREPARED
Overall, 26% have no emergency
savings (across all generations).
Source: Bankrate.com, Financial Security Index Survey, 2014 (Does not total 100% due
to “don’t know/refused” responses)
No Emergency Savings
Less Than 3 Months'
Living Expenses
3–5 Months'
Expenses
Enough to Cover 6 or More
Months' Expenses
26%
24%
17%
23%

9. BE PREPARED
64% of Social Security Disability beneficiaries
received a monthly benefit amount of under
$1,250 (in 2013).
If they’re disabled,
the average monthly Social Security family
benefit for a widowed parent and two children
(in 2013) was only $2,604.
If they die,
*Family consists of 1.9 wage earners and 1.6 children under age 18
Sources: Social Security Administration, Annual Statistical Supplement, 2014, Preliminary data.
U.S. Department of Labor, Bureau of Labor Statistics, 2014
Gen Xers and Baby Boomers can’t solely depend on Social Security if they
become disabled or die.
The average American family* spent $5,635
per month (in 2012) for food, housing, apparel,
transportation, entertainment, insurance and
other expenses.
Meanwhile…

10. BE PREPARED
$570,744
$780,996
Millennials
Gen Xers
Gap $448,996
Gap $370,744
$260,000
$200,000
Coverage Needed
Coverage Needed
Adult Millennials1
1981–1999
Younger Gen Xers
1973–1980
Older Gen Xers
1965–1972
Younger Boomers
1957–1964
Older Boomers
1949–1956
Gen Xers have the largest coverage gap at
$448,996 in life insurance still needed to cover
self-reported needs, followed by Millennials
at $370,744.
34% of adult Millennials do not own any
life insurance.
Many—especially Gen Xers and Millennials—do not own or have enough
life insurance.
Source: New York Life, Life Insurance Gap Survey, Press Release, September 2013
1
Only Millennials who were born between 1981-1988 were surveyed
Source: LIMRA, U.S. Consumers Today, The Generations, 2014
Median Amount of Life
Insurance Coverage in Place
27%
24%
23%
27%
34%

11. For more information, such as these facts and
statistics, purchase your copy of Gen Re’s Life &
Health Fact Book.
Note: The defined age range of generations varies by source.
© 2015 General Re Corporation. This presentation is based on Gen Re’s understanding of a number of external sources. It is intended to provide
background information for our clients and professional staff. It is time sensitive and may need to be revised and updated periodically.
Heidi Alpren
Click to Order
+1 207 347 4624
Phone
/in/heidialpren
LinkedIn
halpren@genre.comSr. Market Research Analyst
Email