Many Millennials Hitting 40 Without Life Insurance
Believe it or not, millennials are turning 40. While hitting that milestone typically causes many to pause and take stock of their future, a recent Mutual of Omaha survey shows just only a third (34%) of this giant generation have made life insurance part of their plans.*
As 40-somethings, many millennials are raising multiple children, established in their careers and may be paying down a mortgage, student loans, credit cards and other debts. This combination could prove catastrophic for loved ones if something were to happen to them and their income was suddenly gone.
The good news for millennials, while many things in life may be expensive for them, life insurance doesn’t have to be one of them. Because younger consumers typically pay less for coverage, a person in their 40s is still young enough to purchase plenty of coverage to protect their family at rates that could fit their budget.
“Your 40s are an excellent time to purchase life insurance,” said Mutual of Omaha Agent Carin Whitehurst. “You’re likely more established than you were in your 20s and 30s, and you’re at a natural inflection point where you’re beginning to plan for the future by establishing a well-rounded financial portfolio.”
For millennials considering life insurance, Whitehurst recommends first determining how much coverage they’ll need. A simple online calculator is an easy-to-use tool that will quickly provide the answer. From there, it’s time to start researching your options and getting quotes to compare coverage amounts and rates. She also recommends working with an agent affiliated with a respected company to learn more.
*Findings are from a September 2023 Mutual Insights survey of 400 U.S. consumers ages 18-77.