Friday, August 29, 2014

Millennials’ Money Misconceptions: Insurance Not Needed

BY: Shana Lebowitz

Well, at least that’s what young adults seem to think.

A new survey finds Millennials are less likely than any other age group to be protected by health insurance—even though federal law requires all Americans to get coverage.


The survey, commissioned by, found that as many as 24% of consumers between the ages of 18 and 29 lack health insurance, compared to just 12% of adults over 30. And Millennials who do purchase health insurance usually opt for the most basic policy possible.

What’s more, results showed that Millennials are actually less likely to purchase any kind of insurance—including automobile, renter’s or homeowner’s, life and disability.

That’s why it’s especially surprising that 60% of Millennials said they were either very or somewhat confident about their ability to handle the financial impact of an unexpected event, such as a car accident or becoming disabled. In fact, Millennials were more self-assured than any other age group except those 65 and older. read the rest>>

Peter Zinnen, CLTC

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