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Underinsured Millennials


At 83 million strong, Millennials are America’s largest generation yet as well as the most racially diverse and most educated. But when talking about insurance, the Millennial generation is woefully unprotected.


Industry studies reveal that young adults generally are not buying health, renters, auto and life insurance at the same rate as their parents. This perpetual status of being underinsured is a gamble that can lead to financial ruin.

They’re going without essential protection

A 2015 Gallup poll estimated that 12% of the US population lacks health insurance (even in the age of ObamaCare). However, that number more than doubles among the Millennials with about 25% of lacking health insurance.

Other findings about Millennials’ insurance coverage includes these surprisingly low numbers:

  • Only 64% have auto insurance
  • Only 12% have renters insurance
  • Only 36% have life insurance

Why aren’t Millennials buying insurance?

Economics:  Millennials are facing a changing and disrupted labor market, and when coupled with the burden of student loans, many Millennials simply don’t have the cash available to buy protection.

Mom and Dad: Millennials are relying heavily on Mom and Dad for their car and health insurance. The Affordable Care Act allows parents to list their children on their health coverage plans until they turn 26.

A risky choice

Simply put: Millennials driving, renting and living without insurance protection are putting themselves in positions that could result in the loss of their possessions and/or stifling new debt.

Consider this about car insurance:

  • If you drive a car and do not have auto insurance, you’re breaking the law.
  • If you’re at fault in a collision in which people are injured or killed, you are responsibly to pay for medical expenses.
  • If you’re at fault in a collision that damages someone’s property, you’ll have to pay for medical repair or replacement costs on your own.
  • You could be on the hook for tens of thousands of dollars, and in some states, jail time.

Consider this about renters insurance:

  • In the event of a fire, flood, tornado, etc., your landlord’s insurance policy won’t protect, repair or replace your personal possessions.
  • If a guest is injured while at your apartment and needs medical attention, again, you could be responsible for bills that result from a trip to the ER.

If you’re already cash-strapped, rolling the dice on being uninsured is a careless and potentially dangerous move. The key to finding affordable coverage is exploring your options.

No matter your budget, there may be a level of insurance protection that is just right for you.

We’ll be happy to talk with you about your level of risk and how to protect yourself.


Bob Munden

190 Sierra Ct. #A8

Palmdale, CA 93550



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