September is the month that recognizes this type of coverage, but young people are not convinced.
This month is Life Insurance month and while there are some demographics that have a tendency to recognize the benefit of carrying this type of coverage, for others, such as the Millennial generation, the importance of this protection is not as clear.
September is seen as an important time to review the policy and ensure that it is still appropriate to current needs.
Every September, the life insurance sector reminds consumers to consider their needs for this type of policy. This not only has to do with whether or not the coverage is needed for a specific individual, but it is also a good idea to look at the size of the benefits, the beneficiaries that have been named, and other issues that may have changed due to lifestyle alterations that have happened throughout the previous year.
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There are a number of different factors that can change an individuals’ life insurance needs.
Among these changes are a marriage or the birth of a new family member, and an alteration in the types of bills that are faced. That said, according to recent research, Millennials do not feel the requirement to purchase this coverage, at all. This generation is typically considered to be within the range of people who were currently in their 20s and early 30s, though the specifics of that range vary from one place to the next.
LIMRA has recently conducted a study that showed that out of every ten families that have a member that falls into the Millennial generation, six could suffer a financial consequence as a result of the death of the primary income earner in the family. When compared to baby boomers, this is notably higher, as baby boomers have a one in three chance of that financial hardship if life insurance coverage is absent or inadequate. That said, LIMRA’s study took into account only people over the age of 25, so it is notable that those in their early 20s were not included in this research. Many people in their early 20s are living with their parents and are often students who continue to rely on the support of their parents.