Should millennials own life insurance?

Many young people do not see it as a priority, but including life insurance into your financial plan can be worthwhile.

Pira Kumarasamy 18 August, 2017 | 5:00PM
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Insurance is a blessing when you need it, but for young people it's also another bill to add to a growing list as they descend onto adulthood. Millennials -- that much-discussed subset of the population between the ages of 18 and 32 -- have an array of financial priorities, so it should come as no surprise that more than half of them do not have life insurance, according to a new survey by TD. The survey cites that one-third have thought about it, especially when it comes to caring for dependents.

Unlike a mortgage or a student loan, life insurance does not have an immediate tangible benefit. Unlike your month-to-month bills, it doesn't keep you warm, entertained or connected. As a result, it has fallen quite low on the list of financial priorities.

"Insurance is a vital piece of your overall financial picture, but it's a challenge bringing it to front of mind when you're doing all of your financial planning," says Mark Hardy, senior manager of direct life & health at TD Insurance. "You've got so many priorities at this stage of life."

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About Author

Pira Kumarasamy

Pira Kumarasamy  Pira Kumarasamy is a financial writer who writes for Morningstar on personal-finance topics, with an emphasis on issues affecting the millennial generation. She holds a bachelor of arts, economics and accounting from Wilfrid Laurier University.

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