We are thrilled to share that our MQ Partner, Matt Knoll, CFP® was recently quoted in a CNBC article discussing the decline in life insurance purchases among Americans.
The article highlights a significant decrease in the number of U.S. households with life insurance policies, dropping from 63% in 2011 to 52% in 2023. Matt provided key insights into this trend noting that higher-costing homeownership and child care, coupled with rising debt burdens (for student loans, for example), may mean younger households are less willing or able to pay monthly insurance premiums.
Matt emphasized the complexity of buying life insurance and how it can deter many potential buyers. He suggested that while fewer people are buying life insurance, the need for it remains crucial. He also highlighted the importance of understanding different types of life insurance and choosing the right policy based on individual financial situations and goals.
Congratulations to Matt Knoll for his insightful contributions to this important discussion!