Huge Shortfall in Millennial Life Insurance Coverage

New York Life’s 2018 Life Insurance Gap Survey has found that only 10% of Millennials have enough life insurance to cover their needs if they die.  According to the report, the average millennial has only $100,000 in life insurance protection in place when their average coverage need is well over $400,000.  This represents a 78% shortfall in coverage according to the report.  By comparison, Gen Xers report a 45% shortfall, and Baby Boomers report a 37% shortfall.

“It’s not an issue of Millennials not wanting to get life insurance,” says Brian Madgett, head of New York Life’s national life sales and advanced planning group.  “It’s more a prioritization issue.  The concept of taking care of their families and loved ones is in competition with the big screen tv, car and even that daily cup of coffee.”

Buying a house and having children are two life events that usually trigger adults to purchase life insurance, but Millennials can’t afford to wait for that.  Purchasing life insurance needs to become a priority.  Buying younger lets you lock in a lower level premium.  Also, don’t depend on coverage through your employer because that will likely end when you retire.

Premiums and products can vary greatly.  Give ALLCHOICE Insurance a call today and let us help you determine just how much life insurance you need and the right policy to cover it.

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