Millennials skipping life insurance

Your Money Matters

Fewer young people are buying life insurance.

A study in 2018 showed only 10% of Millennials say they have enough life insurance in place to cover self-reported needs should they die.

Now, experts are saying people in their 20’s and 30’s should be buying into a policy sooner than later.

According to Policy-Genius, life insurance premiums go up 8 to 10 percent every year you postpone getting a policy. However, if you buy early the costs are fairly low.

The average 30 year old man will spend about 26-dollars a month for a 500-thousand dollar plan, while a woman the same age will pay about 21 dollars.

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