How Much Life Insurance People Buy by Age

Do you have a life insurance policy? Do you know how much coverage you should purchase at your age? Insurist conducted a study in order to determine the amount of life insurance coverage different generations are purchasing.

Of people purchasing less than $250,000 in life insurance coverage, 50% are aged 45-64, 30% are 18-44, and 20% are 65 or older. On the flip side, 84% of those buying life insurance coverage for more than $1 million are between the ages of 18-44 while the remaining 16% are 45-64 years old. The statistics from the study show that investing in a life insurance plan at a young age may be a smart idea.

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