Life insurance is a low priority

Although experts caution against generalizations, several conclusions can be drawn about millennials and their attitudes about life insurance:

Many have already fallen behind. Seventy percent don't know how much they should save for retirement, and only 40 percent are saving at least 10 percent of their income, according to a 2015 study by the Life Insurance and Market Research Association (LIMRA).
Planning is not a priority. For many millennials, long-term financial planning takes a back seat to paying down student loans, getting married, starting families, taking on mortgages, and other pressing needs.
Strategies are shortsighted. Fifteen percent consider winning the lottery to be a "viable retirement strategy," while 11 percent hope for monetary gifts to see them through their later years, according to a study last year by the Insured Retirement Institute and the Center for Generational Kinetics.
Life insurance is lagging. Purchasing life insurance is a low priority, recent LIMRA research found. Although most millennials believe they need to have more coverage, fewer than 1 in 5 are "very likely" to buy it. Sixty percent place a higher priority on paying for mobile phones, internet, cable, or a vacation. In a study conducted on behalf of Colonial Life & Accident Insurance Co., employees said they are more likely to spend an extra $200 on an electronic device or dinner out than applying it toward an insurance policy.
Homework is out. In the same study, more millennials would spend several days researching a new car purchase (77 percent) or vacation destination (70 percent) than researching a life or health insurance purchase (67 percent).

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Demographic trends reveal life insurance challenges, opportunities

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