Milestones Like Marriage and Parenthood Are So Delayed for Millennials and Gen Z That Many Are Skipping Out on Life Insurance, Report Finds

Traditional life milestones—marriage, buying a home, and starting a family—have historically been the triggers for purchasing life insurance. But according to a new report, younger generations are redefining adulthood timelines, and as a result, many millennials and Gen Z are putting off or skipping life insurance altogether. This trend is raising concerns among financial advisors and insurers who warn that delaying coverage could carry long-term risks.
Shifting Life Milestones Among Younger Generations

For previous generations, the path to adulthood often followed a predictable timeline. People married in their 20s, had children soon after, and purchased homes by their early 30s. These milestones naturally created the need for financial protection, making life insurance an essential part of financial planning.
However, millennials and Gen Z are living differently. Rising costs of living, student debt burdens, and a greater emphasis on career growth and personal exploration have delayed traditional milestones. Many in these generations are waiting until their late 30s—or beyond—to get married or start families, while some are choosing to remain single or child-free altogether.
Why Life Insurance Is Being Overlooked
The report highlights several reasons younger people are not prioritizing life insurance:

Perceived Lack of Urgency: Without dependents, many feel there is no immediate need for coverage.
Financial Strain: With housing costs, education expenses, and everyday bills rising, life insurance premiums are seen as a non-essential expense.
Low Awareness: Many millennials and Gen Z are less familiar with the role life insurance can play in wealth building and estate planning.
Changing Lifestyle Goals: Younger generations are more likely to invest in experiences, travel, or entrepreneurial pursuits instead of traditional long-term security products.

The Financial Risks of Delaying Coverage
Experts warn that waiting too long to purchase life insurance can lead to higher costs and limited options. Premiums generally increase with age, and health conditions that arise later in life can make policies significantly more expensive—or even unattainable.

By skipping out on coverage, millennials and Gen Z risk leaving their families financially vulnerable if unexpected events occur. Even single individuals can benefit from life insurance to cover debts, funeral costs, or to leave a legacy.
Opportunities for Early Adopters
Financial planners argue that buying life insurance early—before marriage, parenthood, or homeownership—has long-term advantages. Younger buyers typically pay lower premiums and can lock in affordable rates for decades. Some policies also build cash value, serving as an investment tool in addition to providing protection.
How Insurers Are Responding
Insurance companies are beginning to adapt their strategies to meet the expectations of younger consumers. Digital-first platforms, simplified applications, and policies that combine flexibility with affordability are emerging to capture the millennial and Gen Z market. Insurers are also focusing on educating younger audiences about the broader benefits of life insurance beyond dependents, such as income protection and financial planning.

The report reveals a growing disconnect between delayed life milestones and life insurance adoption among millennials and Gen Z. While many are skipping out on coverage because they don’t see an immediate need, experts stress that waiting could prove costly in the future.
As lifestyles evolve, the insurance industry faces the challenge of reshaping its messaging to emphasize long-term value, not just protection for spouses and children. For younger generations, rethinking life insurance as part of an overall financial wellness strategy could be a crucial step toward building lasting security in an uncertain world.