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.