
The majority of parents (59%) own life insurance, up five percentage points from 2022, and significantly higher than the general population (52%).
Among parents who own life insurance, 56% say the primary reason they own it is to cover burial costs and final expenses, slightly lower than the overall population (60%).
Parents are more likely than the overall population to say they use social media as a source of financial information. The top three sites used are Facebook(71%), YouTube (60%), and Instagram (43%).
Parents turn to financial advisors at a higher rate than the overall population (50%). Parents are also more likely than the general population to be looking to engage a financial professional (28% versus 24%).
Thirty eight percent of parents say they are very or extremely knowledgeable about life insurance, compared to 27% of all Americans.
Limra (2023, October 18). 2023 Life Insurance Fact Sheet. LIMRA. https://www.limra.com/en/SysSiteAssets/newsroom/liam/2023/0859-2023-liam-fact-sheet-2023_final.pdf