The Under-Insured Generation: Millennials Living on the Edge

The Under-Insured Generation: Millennials Living on the Edge


The younger generation is usually perceived by people even marginally older as irresponsible to the point of stark craziness. The Millennials, now defined as age 25-38, have been dealing with more than their share of accusations – tattooed, soppy, eternally distracted by their e-devices, marred by those hideous man-buns (where applicable) – they haven’t been treated so kindly. It’s curious, because close examination reveals a generation of upbeat, motivated, hard-working achievers in waiting. Give the kids a break, we say.

So why aren’t they properly insured? It’s not like they haven’t been warned that life can be dangerous – they likely know on their own, what with all that crazy skating, boarding, Pokémon hunting and other risky diversions. Clarity Benefit Solutions, a company specializing in employee benefits, has examined the matter. They say the Millennials are facing the greatest risk of any generation on the American scene.

We imagine the Millennials as living smack in the middle of their halcyon years, when cares should be lightest and joys most acute. In fact, they’re experiencing particularly worrisome life problems, some unprecedented when compared to the experience of their older compatriots. 

First off, perhaps the best understood of their burdens, is the challenge of paying off elevated levels of student loan debt. Government assistance may be needed to address the crisis – the problem indeed earns that moniker – but it’s hard to imagine how the required political unity would arise. The Millennials may find themselves forced to deal with the problem alone.

This makes retirement planning hard to engage. Faced with their debts, it’s difficult for many Millennials to spare the resources needed to fund a proper retirement plan. This takes us back to our topic: if you’ve only got enough cash to pay for your basic living expenses and student loan debt (it bears noting that Millennials often report difficulty in funding vacations), funding life insurance can seem out of reach.

This is a shame, because in terms of health – and insurability at a low premium rate – the Millennials are at the prime of their lives. This doesn’t mean they don’t need insurance, because everyone is vulnerable to accident or unexpected ill health. Clarity believes that employers need to step up and offer benefits that address the needs of Millennials, including affordable life insurance plans, student loan payment options and focused financial planning tools.

For more information, please read:
Millennials Most At-Risk When It Comes To Life Insurance | Insurance News Net

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