Millennials are much more concerned about how they would pay their bills if the primary wage-earner were to die, than consumers between 35-49. Women were significantly more anxiety-ridden about life insurance, with more than a third reporting feeling stressed or worried compared to just 23% of men. Millennials life insurance knowledge is keener than you might suspect.
The findings come from poll among 1,226 working U.S. adults conducted by Unum in July.
When asked how they would pay their bills if the primary wage-earner were to die, responses among the younger workers included credit cards (37%), loans from family or friends (13%) and bank or payday loans (10%). A third of younger workers said they were unsure of how they would pay their bills. Respondents ages 35-49 said they would pay bills with credit cards (21%), loans from family or friends (8%) and bank or payday loans (4%).
Nearly a fifth of the younger workers weren’t sure if they had a life insurance policy compared to just 2% of those ages 35-49.
Interestingly, forty percent of those ages 25-34 didn’t have a life insurance policy because they felt they didn’t need one, it was too expensive, or for other reasons, compared to 34% of those ages 35-49.
MILLENNIALS GET LIFE INSURANCE
The same study also outlined some key gender differences on important questions about life insurance across all generations.
• When asked who would assume their financial debt upon their passing, 40% of men and 28% of women said their spouse. A larger percentage of women (16%) than men (8%) said their parents. More women (12%) than men (6%) said they were unsure.
• A significantly higher number of women (29%) than men (20%) were unsure of how they would pay bills if the primary wage-earner were to die.
• More women (48%) than men (31%) believed they needed lower levels of life insurance ($100,000 to $250,000).
According to life insurance industry group, LIMRA, nearly half of U.S. households are underinsured, with the average coverage gap of $200,000. Additionally, the group says most households need about five years of income replacement from life insurance and/or savings.
Unum primary businesses are Unum US, Colonial Life, and Unum UK.
COLLEGE STUDENTS DISCOVER RENTERS INSURANCE
CardTrak previously reported most college students typically bring expensive items such as laptop computers, video gaming systems and smart televisions to school. Renters insurance protects you from having to pay out of pocket to replace your stuff if it’s ever stolen, vandalized or damaged in a fire.
College students living on campus may be covered under their parents’ homeowners or renters insurance policy. Some insurance policies do offer limited coverage protection for students living in an apartment or dorm at school. It’s wise to have a good understanding of your policy options and coverage limits for personal property to protect yourself from risks. MORE