More Than Half of Millennials Do Not Have Life Insurance

TD survey reveals there’s a gap in the financial picture for millennials: life insurance.

From paying off student debt and managing day-to-day expenses to buying a house and starting a family, millennials have plenty to consider when it comes to financial planning. However, a new survey from TD suggests that many are overlooking life insurance. According to the survey, more than half (55 per cent) of millennials do not have life insurance, although one-third have thought about it.

"As millennials are in the midst of this new life stage, it's clear that they want to protect their families and loved ones," says Mark Hardy, Senior Manager of Direct Life & Health, TD Insurance. "But with so many other financial responsibilities it can be daunting to know where to start."

Paying down debt and saving for a home are top financial priorities

Based on the survey results, millennials are focusing their financial attention on paying down debt (25 per cent) and saving for a house (21 per cent). Obtaining life insurance, on the other hand, came in last on the list. Cost was cited as the number one barrier preventing millennials from purchasing life insurance.

However, life insurance doesn’t have to be expensive. According to the TD release, the cost of life insurance can break down to less than a cup of coffee a day—and life insurance quotes from Kanetix.ca show this to be true.

Annual premiums quoted for a $250,000 Term 10 life insurance policy for a non-smoker.

Age Male Female
35 $170.00 $137.50
30 $169.15 $131.90
25 $168.91 $131.64

Quotes pulled on June 20, 2017. Lowest quote featured. For illustrative purposes only.

Regardless of age, life insurance should be a part of your financial plan

Financially, millennials tend to have a lot on their plate, so it’s easy to see why getting life insurance may be low on the list of financial priorities with the misconception that it’s cost prohibitive. But, as life happens—getting married, buying a home and having children—you’ll be happy that you got life insurance when you were young and healthy and while premiums were low.