The Website’s Study Reports that Only 21 Percent of People Aged 23 to 35 are Life Insurance Owners—and Those Without Insurance may be Uninsurable Later in Life
According to the article, which is available on http://www.lifeant.com/millennials-buying-life-insurance/, Life Ant surveyed 250 self-identified members of the millennial generation, all of whom were college graduates between the ages of 23 and 35. Because only 21 percent of participants were life insurance owners, the results concluded that many members of the millennial generation were not purchasing life insurance. Respondents who were between 30 and 35 years old were the most likely to have life insurance, while respondents between 23 and 25 were the least likely to own life insurance.
“While we can only speculate at the causes, it would stand to reason that a poor job market with lower relative wages has lead this group to forgo spending on items viewed as superfluous to basic needs, including life insurance,” stated the article, which also noted that a recent study by Generation Opportunity, a millennial think tank, reported that about 15 percent of millennials are unemployed—which hinders their ability to afford life insurance coverage.
“Members of the millennial generation are also marrying and having children later than ever. We can speculate that less discretionary spending combined with the ever increasing age of marriage and childbirth have led to lower life insurance purchasing rates by this age group.”
Life Ant acknowledged that low life insurance ownership rates could pose a threat to the young generation. It is best to obtain coverage at a young age, when one is the healthiest, because taking out a policy later can affect the possibility of obtaining the necessary coverage.
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About Life Ant:
Established in 2013 by life insurance broker and financial adviser Thomas Rockford, Life Ant hopes to become the top provider of life insurance quotes in the United States. Life Ant is based in Manhattan, New York. CEO Thomas Rockford leads Life Ant and ingrains in the organization his philosophy of a client centric focus. For more information, please visit http://www.lifeant.com
Contact:
Thomas Rockford[email protected]
215 E 24th St. #120
New York, NY 10010
(917) 426-8093