Just 27% of Gen Z adults could correctly identify the insurance terms “deductible” and 29% knew how to define “copay,” a new survey shows.
The survey from the National Association of Insurance Commissioners also found 22% of Gen Z respondents have little or no awareness of the importance of auto insurance, and 14% have little or no awareness of the importance of health insurance.
The NAIC commissioned Atomik Research to conduct an online survey of 1,003 adults throughout the U.S. The sample consists of adults ages 18 to 27 between June 24 and June 26.
They survey shows 36% said they could identify “out of pocket,” while only 19% said they could define “out of network.”
The NAIC survey also found that 35% of Gen Z adults currently pay for a cellphone protection plan, while only 21% have renters insurance.
More than half of respondents (54%) said they feel “overwhelmed or anxious” at “the thought of dealing with insurance.” One-in-three (34%) said they were “going to try to wait as long as possible” to get their own life insurance, and 28% said the same for health insurance.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.