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New Research: Over 1 in 4 Millennials Struggling to Afford Their Insurance
Right now, millennials are busy starting families and taking off in their careers. Though the added responsibilities are all-consuming, it’s an important time to start long-term financial planning, including buying life insurance.
A new report found that 53% of Millennials do not own life insurance, even though 48% want it. There are a few reasons why Millennials are hesitant to get life insurance: Some think they don’t need it, while others are confused by the process or can’t afford it.
The report also found that 26% of Millennials had trouble affording their insurance in 2023, and 1 in 4 Millennials are worried about covering their insurance premiums in 2024. On average, people with life insurance through work pay $29 monthly ($348/year).
Many Millennials already have regrets with nearly 1 in 3 wishing they got life insurance when they were younger. Though 28% who don’t have life insurance think they don’t need it, it can be important, especially if they have dependents or are planning to start a family.
