I am a millenial myself. I always wanted to be financially independent, and live a comfortable life. Insurance, particularly life insurance has an advantage as it protects our loved ones from a sudden loss of bread winner. This is important, but millenials have reservations in signing up for a life insurance and even a term life insurance. This article tries to provide insights to why millenials do not want life insurance.
Millenials has characteristics that differentiates from other generations. For one, it is in handling money. Money is more used in traveling and gigs. We have the idea that money is there to make life experiences. That is what is so important to millenials is to not miss out the things in life when we are young, and not to only reap the benefits of saving lots of money until we get old and have less time and strength to try out those things.
As for insurance, the added expense monthly paying for it is a headache, let alone to even start thinking about it. Salary nowadays has lower purchasing power. If salary is so low for expenses, then the most logical move is to save by not spending on things you have do not need asap. Right, asap or as soon as possible things for us are food, shelter, medicine, and clothing. Those and many more like fare, mobile load budget, and electricity/water bill. Millenials are not really different to other generations at all. We all have expenses to pay, and we feel more in control of our finances if we do not avail mortgage, loans and insurance.