Why Millennials Are Hesitant to Buy Life Insurance?

It's not uncommon to see millennials today spending most of their income on fine dining, the latest gadgets and gizmos, and bespoke clothes and accessories. After all, you're only young once, right?

It's natural to want to make the most of your youth. You want to explore the world, live on your terms, and celebrate life king (or queen) size. And why shouldn't you? You work so hard, and you don't have to settle for anything less.

While there's nothing wrong with living life to the fullest, it's always beneficial to act more responsibly. Well, buying life insurance may not look as a purchase for the present however you might want to rethink.

Why? Here are the Misconceptions you need to Avoid

It's an additional expense

Most millennials tend to view life insurance as a burden rather than a necessity and hence would rather not incur the additional expense of paying premiums in their monthly budget. According to the 2018 Insurance Barometer Study conducted by Life Happens and LIMRA, 44% millennials overestimate the cost of insurance by up to 5 times the actual amount . So, the fact is that consumers overestimate the cost of life insurance and hence make the mistake of postponing its purchase.

Why the rush?

Since you have no responsibilities right now, you might tend to think you have a long way to go before you need to consider insurance. Well, we agree. But be prepared to pay much higher premiums for the same insurance policy when you buy it after a decade! In simple terms, premium rates work just like the rushed office hours. The earlier you start, the lesser time you take to reach the finish line. Same is the case with life insurance plan; the early you start, the lesser the premium amount will be.

Insurance isn't a priority

We're not ignoring the fact that you have other financial needs to meet. Rent, loan EMIs, utility bills, and daily expenses can take a toll on your monthly budget. However, it might be time to reconsider your priorities. It can't be stressed enough that life insurance demands to be bumped up the list. And have you thought about how your debt will be taken care of when you're not around to do so yourself? Buying life insurance will help ensure that it does not become a burden on your loved ones.

Underestimating Insurance Plans

Insurance policies provide nothing more than life cover, right? Not all of them! What if we told you some plans give you dual benefits of insurance and investment? That's right; with ULIPs, a fraction of your premiums is invested in funds and the rest is used to provide life cover. So, besides providing a safety net for your family, ULIPs can help you achieve your financial goals.

Now that you've been introduced to ULIPs, why not consider a plan that can help you make the most of your money? is an online, customisable ULIP that is tailor-made to suit your financial requirements.

Based on your risk appetite, you can choose to invest your money in any of the seven different funds available. Not just that, you can stay ahead of market volatilities with four custom-made fund management options that give you the flexibility to balance your money among these seven funds. All of this comes with minimal charges.

That's not all. You also get to avail of tax benefits on your insurance premiums. What's more, wealth boosters and loyalty additions give you the added benefit of increasing your investment fund periodically.