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Being young is difficult; you aren’t handed a handbook or instruction manual on life, and yet you are expected to make some of the most difficult and important decisions that will almost certainly impact your future. Choosing your career path, going to college, taking out loans, purchasing a car, finding a job — these are all incredibly tough life decisions. One of the most crucial is deciding whether or not you want to purchase life insurance. And while the choice may have been a no brainer 30+ years ago, for today’s Millennials, it’s not so simple. Millennials today don’t seem to be purchasing life insurance. Why is that?


Here are a few reasons as to why that may be:



When you’re young, your priorities, for the most part, tend to be out of whack. You usually want to spend money on partying, drinks and other material items. However, most Millennials today are prioritizing something else, something much more important: student loan debt. The Millennial generation has more student loan debt than any other generation before, which makes it incredibly difficult for them to purchase life insurance policies. Student loan debt is incredibly important, so I do commend Millennials for putting this at the top of their to-do lists.



Many Millennials do not purchase life insurance simply because they do not understand the process. They feel that it will be a long, endless process of communication and paper-signing and long discussions, which isn’t always the case. In today’s world of on-demand services, it is understandable that Millennials expect almost everything to be as simple as tapping a button on a smartphone. Unfortunately, life insurance doesn’t work like that…yet. Millennials also don’t understand the importance of life insurance now. They are still under the impression that life insurance is exclusively for senior citizens. This is simply not true. Life insurance is for anybody who does not want to leave their dependents on their own.


Understanding life insurance can be a bit tricky, but today’s Millennials need to realize the importance of it. I completely understand that this is a generation that is completely different than mine in terms of upbringing and social expectations, but they are still humans. At the end of the day, they will still need to purchase life insurance to protect those they care about.