June 20, 2017 by Staff
One third of millennials have thought about obtaining life insurance to protect their loved ones, but 55% don’t have a policy.
A new TD survey of 1,000 Canadian millennials uncovered their main financial concerns. Life insurance is millennials’ largest financial gap, says the bank, as respondents prioritize paying down debt (25%) and saving for a house (21%). Of the 55% who don’t have life insurance, the main barriers are cost (55%) and lack of dependents (37%).
“As millennials are in this new life stage, it’s clear that they want to protect their families and loved ones. But with so many other financial responsibilities it can be daunting to know where to start,” says Mark Hardy, senior manager of direct life and health at TD Insurance, in a release.
Though millennials want to ensure their loved ones are taken care of, the survey finds they’re mostly unaware of the benefits of a life insurance policy. They know it can help with one-time costs like funerals (68%), but as the release says, “Day-to-day living expenses, mortgage payments, lost income, and student loans are all areas where having life insurance can help relieve the financial pressure on those left behind.”
This story was originally published by Canadian Insurance Top Broker.