Millennials delaying life, DI protection

The Hartford’s national survey finds that Millennials consider becoming an adult when:

• Getting their first job – 51 percent;
• Making financial decisions – 50 percent;
• Moving out of their parents’ homes – 38 percent;
• Starting a family – 27 percent; and
• Getting married – 23 percent.

Forty-two percent of those surveyed say their health is their greatest asset, followed by their job/paycheck (26 percent). However, Millennials say starting a family was the top event that triggered the need for both life and disability insurance (62 percent and 43 percent respectively). Getting married and landing their first job tied (32 percent) as the second milestone that results in the need for disability insurance.

“It is notable that Millennials are waiting until they have a family to protect themselves with life and disability insurance, leaving them exposed to the impact of an injury or illness,” Pollak says. “That’s why it is important for them to invest in themselves starting with their first job. My message to Millennials is: Protect your potential. You are totally worth it.”