Securian Financial Study Reveals How Gen Z and Younger Millennials View Life and Supplemental Health Insurance

Securian Financial ‘Insurance Needs and Views of Younger Generations’ study

St. Paul, MN (Dec. 1, 2025) – A new Securian Financial study reveals that Gen Z and younger millennials recognize the importance of life and supplemental health insurance but still harbor key misconceptions that prevent many of them from purchasing it.

With Gen Z and millennials now representing more than 40 percent of the U.S. population,^[1] the study highlights an important opportunity for financial institutions to better connect with these younger consumers and help them protect their financial futures.

“Life insurance and supplemental health insurance provide the foundation for long-term financial confidence,” said Matt Bauler, Securian Financial vice president of Affinity Solutions. “Our research shows that younger generations want to be financially responsible and value protection—but they’re looking for education, flexibility and authenticity from financial institutions they trust.”

Key Findings

Securian Financial’s July 2025 survey, “Insurance Needs and Views of Younger Generations,” of nearly 300 Gen Z (ages 22–28) and younger millennials (ages 29–32), revealed that:

• Almost two-thirds Gen Z and younger millennials recognize the value of life insurance, yet about 20 percent believe they don’t need it until they are older.
• More than 30 percent think insurance is too expensive, not realizing that premiums are often lower when purchased at a younger age.
• Almost half (48 percent) said they don’t know enough about life or supplemental health insurance to make confident purchasing decisions.
• 44 percent prefer learning about insurance through relatable, real-life examples—underscoring the importance of storytelling in education and outreach.

Lessons for Financial Institutions

Securian Financial’s research outlines four key strategies to help financial institutions meet the evolving needs of younger generations:

1. Address the age-need disconnect. Show why early protection matters and use relatable stories that demonstrate the benefits of insurance at any life stage.
2. Tailor to life stages. Customize communication and products around milestones such as renting a first apartment, buying a home or starting a family.
3. Build confidence through education. Offer clear, easy-to-use tools to help younger customers compare options and make informed coverage decisions.
4. Emphasize affordability. Clarify costs and dispel myths—studies show younger adults often overestimate the price of life insurance by 10-12 times.^[2]

Empowering Financial Wellness For A New Generation

The study reinforces that today’s younger consumers are motivated by values of flexibility, authenticity and security. They view prosperity not just as income, but as the ability to live a balanced and fulfilling life. Financial institutions that focus on education, empathy and transparency can earn their trust and loyalty over time.

About Life And Supplemental Health Insurance

Life insurance provides financial protection to beneficiaries after a policyholder’s death, helping replace lost income and cover expenses. Supplemental health insurance helps fill the gaps left by primary health insurance coverage—offering extra protection for unexpected costs due to accidents, illness or hospitalization.

Through its Affinity Solutions business, as of December 2024, Securian Financial provides life and supplemental health insurance products to more than 6,000 financial institutions and member associations throughout the United States and Canada.

About the Survey

All statistics are from Securian Financial’s July 2025 Insurance Needs and Views of Younger Generations study, unless otherwise stated. Survey participants were compensated for their time.

Notes

1. “Population distribution in the United States in 2024 by generation,” Statista, May 2025.

2. “Adults age 30 and younger overestimate life insurance cost by 10-12 times,” LIMRA, June 2025.

Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.

This case study is for illustrative purposes. Results could vary based on external factors including but not limited to current economic circumstances, market cycles, and competitive landscape.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

About Securian Financial

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information, please visit securian.com.

Source: Securian Financial Group, Inc.

Tags: Gen Z, Life & Annuity, Millennials, Securian, survey