What is the most common reason given by millennials for not purchasing life assurance in the future?

Millennials often cite the belief that they do not need life assurance as a significant reason for not pursuing this type of insurance. This perspective can stem from various factors, such as a focus on immediate financial priorities, a perception of invincibility associated with youth, or a general misunderstanding of how life assurance plays a role in long-term financial planning. Many in this demographic may also prioritize other forms of investments or savings, believing that life assurance is an unnecessary expense given their current life stage, which typically includes lower financial commitments such as dependent children or substantial mortgage obligations.

This reasoning emphasizes a gap in financial education and awareness regarding the importance of planning for unexpected events, highlighting the need for better outreach and information tailored to younger audiences. As a result, there might be an opportunity for insurance professionals to engage with millennials more effectively to illustrate the value of life assurance, even at a young age when they might feel it’s not immediately required.