Pattie Lovett-Reid: Why millennials aren’t buying life insurance
I’m of the opinion not everyone needs insurance. However, I do believe everyone needs to ask the question: if something were to happen to me today, would I have enough assets for a funeral, to care for my loved ones, and to ensure the loss of my passing isn’t adding financial hardship to heartbreak?
Millennials have a lot on their plate when it comes to financial #adulting. Student debt needs to be paid off, there’s day-to-day expenses, saving for a home and, for some, starting a family. Not surprisingly, a survey by TD found 55 per cent of millennials do not have insurance, although one-third have at least thought about it. The top barrier to purchasing was cost (55 per cent) while 37 per cent haven’t consider it as they don’t have dependents. Debt and saving for home also took precedence over insurance.
What millennials might find interesting in terms of insurance affordability, is that the cost breaks down to less than a cup of coffee a day over a 10-year-period.
Having lost my father at the age of 36 to a heart attack, I know from personal experience how important life insurance can be for a young family. I was nine at the time, and yes, the fact that my father had insurance didn’t make the loss easier, but it did help pay for our day-to-day living expenses, mortgage payments, lost income and relieved some of the financial pressure on the family.
If you have a family, it is time to consider life insurance – because sadly, you just don’t know if something could happen to you.