(NAPSA)—The Millennial genera- tion is now the least prepared for unexpectedlife events due to a lack of ade- quate life insurance coverage, according to the latest edition of New York Life's Life Insurance Gap survey. The survey asks Americans to compare how much life insurance they need, basedon living expensesand plans for their loved ones, with the amountoflife insurance protection they have. Millennials as the most exposedcontrasts with 2013 study, which found Gen underthe most pressure. Millennials with life insurance havea self-reportedlife insurance gap of $352,000 in 2018, with enoughlife insurance protection in place ($100,000) to cover only 22 percentoftheirself-re- ported coverage needs ($452,000). The Millennial generation's gap is sharply higher—60 percent greater—than the gap for the general population, which is insurance provides protection thatallows for peace of mind. Additionalfindingsinclude: + Despite feeling financially secure, 48 percent of Millennials are stressed abouttheir currentlevel of savings; $210,000, enough to cover 49 percent of + 47 percentare stressed about planning In addition,the survey findings illus- +40 percent are stressed about their the average estimated need. trate that only 10 percent of Millenni- als have enough life insurance to cover 100 percent of their needs, which can include mortgages, funding retirements fortheir future financial needs; currentlevel of incomeandsaving for their children’s education. + 44 percentare notfinancially prepared to dealwith the death ofa breadwinner However, Millennials feel more finan- + 42 percentare notfinancially prepared for the possibility of losing their job. tion, with 81 percent saying they feel nity to take a ‘protection-first’ approach orfinancinga child’s college education. cially secure than the overall popula- “Millennials are missing an opportu- financially secure versus 76 percent of to financial goals such as saving for retirement or owning a home,’ added all respondents. “While ten percent of Millenni- als already enjoy the peace of mind that comes from taking a ‘protection-first’ financial planning approach, too many are starting a family or buying a home without access to replacement income if the worst were to happen?’ said Brian Madgett, vice president, New YorkLife. “Life for young families is unquestionably busy and complicated, but there is security and peace of mind in looking beyond today, and knowing their loved ones are protectedagainstfuture financial shocks” Madgett. “Withoutlife insurance, even thebestlaid plans can beruined bythe death of a breadwinner. The good news is that more than twothirds of Millen- nials, who havethe time and opportu- nity to better prepare themselves, say that having enough life insurance to protecttheir family is an important goal for them? Forhelp planning for your family’s future, you can start research orvisit the Agent Locator at www.newyorklife. com. Survey Methodology: The 2018 study was conducted by Ipsosfrom June 12-26, 2018 on behalf interviewed online, in English. This sample includes 1,176 adults who have life insurance and another 562 adults who have no life insurance coverage. To qualifyfor the survey, respondents had to be married and/or havefinancial dependents and have an annual household income ofat ofNew YorkLife. For the survey, a sample of1,738 adults between ages 25-70from the US. was least $50,000.
