As the youngest group of adult consumers, Millennials are the most underinsured generation. In large part, this is because many have delayed many major life milestones such as purchasing a car and a home, or starting a family, when compared to past generations. These delays have kept Millennials from focusing on their insurance needs.
But not all Millennials act and feel the same when it comes to insurance. And to that end, Upscale Millennials, who are the most established and have accumulated the most assets, represent greater opportunity within the insurance realm than the other sub-groups.
Millennials are less likely to have insurance for their belongings than older generations, particularly when it comes to homeowners/renters insurance and life insurance. This is not the case, however, for Upscale Millennials, who tend to be more established and have more assets to protect than their generation as a whole.