A new study the from consumer group Life Happens found that 29 percent of Millennials would rather set aside money for vacations instead of purchase life insurance. 60 percent indicated paying bills like their internet was more of a priority than insurance coverage.
“Young people think life insurance is something you need to think about when you get old,” said certified financial planner Shannah Compton Game to Reuters. “Life insurance provides income replacement that can be valuable for young people who are just starting out, or in the situation where one spouse makes more than the other.”
For fearless Millennials, life insurance is often not even a thought when considering expenses. Most associate it with end of life or big paychecks. In fact, price misconceptions are among the top reasons the study cited for Millennials withholding on buying coverage, stating that they overestimate the price by 213%.
Although Millennials aren’t thinking of life insurance coverage–54% of Americans in the study said they didn’t plan on buying life insurance anytime soon–they are settling down and stepping away from their smart phones to do other adult things, like saving money for their children’s education and achieving their dreams.
