Three quarters of millennial parents (born in the eighties and early nineties), don’t have any life cover, it is estimated.
That means young parents in their twenties and thirties are bringing up children without any form of insurance protection in case anything goes wrong.
It’s hardly surprising, given that it is also estimated that only 4% of the population have the right life insurance.
But it is strange, especially given that in many other ways millennials, also known as Generation Y, seem like quite a sensible generation overall. Some 80% of them follow a budget and 51% have money set aside for emergencies.
Yet when it comes to protecting their own life, their attitude is altogether more casual.
Why? Well millennials and the generation that comes after them, Generation Z, typically have an ‘it’ll never happen to me’ mindset, the invincibility that comes with youth and only evaporates with experience.
Another major reason given, following research by the online platform Bestow, is that millennials say they don’t have time to hunt through all the different insurance options.
And thirdly, often life insurance is something that people discuss and then take out when they buy their first home with a mortgage. Many millennials are choosing to rent rather than buy, so that conversation never happens.
It’s a worry, especially since, in answer to the first piece of reasoning, accidents do happen to each and every one of us, every day.
Think about it, where would you be if the main earner in your household died suddenly or was taken ill? It is something that none of us like to think about but every day people do have to face up to the reality that a parent has died and dependents have bills to pay, including a mortgage!
And secondly, on the research thing – er, hello – that’s what I’m here for – to sort through all the different insurance options for you and, as I said in my last blog, I don’t charge a penny to do so!
I do sympathise with people when they say they are baffled by life insurance, or indeed all types of insurance. But confusion really shouldn’t be an excuse for not having any insurance at all!
So come on all you millennials, get your insurance in place – you know it makes sense. Call me on 07767 692 653 to fix a meeting.