We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Millennials Least Likely To Have Insurance: Opinion

    August 26, 2014 by Susan Rupe

    They’re saddled with debt, underemployed and think they’ll live forever. At least, those are the stereotypes about Generation Y, also known as the millennials.

    A new insuranceQuotes​.com report shows that the millennials are not only lacking in financial assets, they also are lacking insurance.

    Approximately one in four Americans between the ages of 18 and 19 lacks health insurance. This age group is 10 percentage points more likely to be without health insurance than those aged 30 and older.

    Part of the reason these “young invincibles” could be choosing to go without coverage is that they may believe it is less expensive to pay a fine for not having coverage than it is to pay for health insurance. In addition, young adults can remain on their parents’ health insurance policies until age 26.

    But it’s not only health insurance that the under-30s are foregoing. The insuranceQuotes​.com report showed that 18–29 year-olds are less likely than all other age groups to have health, auto, life, homeowner’s, renter’s and disability insurance. While some of this can be attributed to living with their parents or having fewer assets to protect, there is ample evidence that millennials are unprepared for potential financial risks, the report said.

    For example, only 12 percent of under-30s reported having renter’s insurance. Sixty-four percent reported having no life insurance. More than one-third (36 percent) said they have no auto insurance, which might be attributed to the fact that the number of young adult drivers has dropped in recent years.

    This lack of insurance may be prompted by the millennials’ having lower rates of home ownership and lower incomes than other age groups. But other factors may be at play as well. The term “young invincible” is an apt description of this age group. Most under-30s are healthy and believe they will remain that way indefinitely. Or as Kile Lewis, co-founder of oXYGen Financial, a financial planning firm in Atlanta that caters to customers from generations X and Y, told insuranceQuotes​.com, “Like anyone who’s young, they’re 10-foot-tall and bulletproof.”

    In addition, Gen Y grew up with overprotective parents and that decreased their level of fear. And fear give people the incentive to buy insurance. That’s the word from Kit Yarrow, a financial psychologist at Golden Gate University in San Francisco.

    When millennials do buy insurance, they’re likely to get a bare-bones policy. In the survey, 36 percent of under-30 adults said they have only the minimum of any type of insurance required by law or a lender. In contrast, only 23 percent of adults ages 30 to 49 and 21 percent of those 50 to 64 said the same.

    Given their underinsurance, Gen Y consumers appear to be overconfident in their ability to handle a life crisis.

    In fact, 60 percent of millennials said they’re either very or somewhat confident they’re prepared for the potential financial impact of a life event such as a car accident, having belongings stolen, getting hit with substantial medical bills or becoming disabled. In fact, Gen Yers had the most confidence of any group except for those 65 and older (68 percent).

    Each generation has its own way of doing business and Gen Y will put its own stamp on the marketplace. The challenge for those who want to turn these uninsured millennials into clients is to convince them that they are not as invincible as they think they are.

     

    Originally Posted at InsuranceNewsNet Blog on August 26, 2014 by Susan Rupe.

    Categories: Industry Articles
    currency