Millenials Are Not Carrying Enough Life Insurance

Forbes recently published an article reporting that only 10% of Millenials have enough life insurance in place to cover self-reported needs should they die. That is a scary statistic. Not carrying the proper life insurance puts your family members at financial risk, in the event of your death.

The article reports:

  1. Millenials report a 78% shortfall in life insurance coverage.

  2. By contrast, Gen Xers report a 48% coverage shortfall.

  3. Baby Boomers have a 37% shortfall.

In terms of purchasing life insurance, the article says, "Get enough insurance to replace the lost income of the deceased, so the surviving spouse can carry on with paying the mortgage and saving for retirement."

The American Institute of CPAs has a life insurance needs calculator (link here) to help you determine how much you really need.

Check out the full article here: https://www.forbes.com/sites/ashleaebeling/2018/11/13/the-big-millennial-life-insurance-gap/#65995fea6ac4

And, if you have questions about your life insurance policy, or getting a quote, call your agent.