With the growing number of freelance employees, many of these workers won’t sign on with their company’s life insurance plan. Many of these workers are young. For example, the MIB Group found that for people younger than 44, the amount of life insurance applications increased at a rate of greater than twice that as folks aged 45-59.
Younger folks also want the process of signing up for life insurance to be quick. Grant Dunn from Lakenan explains that “with all the technology today, the younger generation can’t wrap their minds around it taking 45 days to get a policy in force”.