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

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."

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

To view this article, become a Morningstar Basic member.

Register For Free

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.

© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies