You'll bore millennials to death if you talk to them about life insurance. They might listen to you for 2 minutes then take a snooze. Based on a research done by New York Life https://www.newyorklife.com/newsroom/2018/life-gap-survey-millenials-at-risk , millennials are most at financial risk when it comes to life insurance because they don't have enough insurance coverage. According to the study, millennials who have life insurance have an average of $100,000 in life insurance coverage that is only 22% of their self-reported coverage needs which is $452,000. They are $352,000 short. The Millennial coverage gap is 60% higher than the coverage gap for the general population. It also shows that only 10% of them have enough life insurance to cover 100% of their needs, which can include mortgages, funding retirements or financing a child's college education.
The survey was composed of 1,738 adults between ages 25-70 from the U.S. in which 1,176 adults who have life insurance and another 562 adults who have no life insurance coverage.
Most life insurance policies fall into one of two basic groups: term life and whole life (permanent life).
Term Life - it gives you protection for the specific, limited amount of like like 10, 15, 20, 25 or 30 years; or to a maximum age, such as 80. It doesn't have cash value but it has lower premium compared to whole life. It often provide protection for specific times of need, such as mortgage or a child's college tuition.
Whole life- it gives protection for the entire life of the person normally to age 120. It has cash value that accumulates over the life of the policy. Cash value can be borrowed if needed for any reason, and can give you a guaranteed income after retirement.
