3 Out Of 4 Millennial Parents Don't Carry Life Insurance
Life Insurance isn't for you – it's for those you leave behind. Without sufficient insurance, your family may endure financial hardships on top of the shock and grief caused by your passing.
According to a recent survey from the online life insurance start-up Bestow, many people aren't convinced enough of the benefits of life insurance to have coverage. Approximately 70% of Americans admitted to not having a personal life insurance policy, including 75% of parents in the millennial generation.
The large coverage gap for millennial families is particularly disturbing, since this is exactly the time in life that life insurance is most important. Their children are younger, they have had less time to build up sufficient assets and savings for emergencies, and many are likely dealing with debt (especially student loan debt). The Great Recession instilled sound financial practices and budgeting skills, but life insurance appears to be a blind spot.
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