It's the young and single workers who are purchasing life insurance through work.

That's what a LIMRA study of 2,300 insurance buyers found. According to study participants, 75 percent of workplace life insurance buyers are members of Generations X or Y. The boomers aren't nearly as valuable as potential prospects.

“Younger, less experienced buyers typically do not have financial advisors, so they tend to look to different information sources compared to older customers,” said Ron Neyer, assistant research director, LIMRA Distribution Research. “Workplace life insurance buyers are also more likely to be first-time customers of individual life insurance, and about a quarter have never had a general discussion with someone who represents the industry.”

The survey found that most buyers, either workplace or outside purchasers, have household incomes that exceed $50,000, and they say they're buying to protect their families from financial need.

One big difference between the purchasing groups: most of those who buy at work are single and don't do a lot of comparison shopping before they buy, with 62 percent considering a single offer before signing on the dotted line. Just one in six takes a look at three options.

Read: 8 things to know about voluntary sales

But they are comfortable with their decisions: 70 percent of workplace customers describes the process as agreeable.

“For workplace buyers, the search for life insurance frequently begins and ends at work,” Neyer said. “Many rely on their employers’ expertise for carrier selection.”

Also read: Life insurance gap represents sales opportunity

Instant Insights /

Gen X, Y buying workplace life insurance

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