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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
September/October 2026
Who Wants Life Insurance
September is National Life Insurance Awareness Month, so there's no better time to explore insurance options or review your current coverage.
Traditionally, Gen Z and Millennials, particularly those starting out or with young families, want life insurance. According to the 2025 Insurance Barometer Study by LIMRA and Life Happens, the percentage of Americans with a self-reported life insurance need-gap—those who know they should have life insurance or more insurance than they do—rose sharply in 2020 amid the COVID-19 pandemic. It has remained elevated since, though the 2025 percentages (10% for respondents with insurance and 30% for those without) indicate that awareness of the need may be slowly returning to prepandemic levels.
What's Holding You Back?
What's keeping people who acknowledge a need from getting coverage? Perceived cost is cited in the study as the top barrier to purchasing life insurance. Yet year after year, the Barometer studies have found that respondents greatly overestimate the cost of life insurance. Despite reframing and personalizing the cost-oflife- insurance question in the 2025 Barometer survey, 49% said their estimate of the cost of coverage for themselves was based on "gut feeling" or a "wild guess."More than a quarter of the two younger generations (Gen Z and Millennials) cite "lack of knowledge about life insurance products" as a reason they don't own it. The younger generations aren't the only ones who may lack knowledge. As the graph shows, people of all ages are unfamiliar with the myriad ways life insurance can enhance financial security for owners and beneficiaries.
If you feel you may have a need gap in your life insurance or have been procrastinating on updating your coverage, talk with your trusted financial advisor about your unique situation.
Source: 2025 Insurance Barometer Study, LIMRA and Life Happens
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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