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Our Views on Life Insurance and Finances By: Maggie Leyes | April 10, 2014

The just-released 2014 Insurance Barometer Study shows that Millennials, those age 25-34, show the highest level of concern across all generations for common financial planning issues, including saving for retirement, paying for a child’s education and burdening others with final expenses.

Retirement certainly isn’t being viewed with rose colored glasses: 52% of those age 25-34 say they are “very” or “extremely concerned” about having sufficient funds for a comfortable retirement followed closely by those age 35-44, 47% have those same concerns.

And, if there were ever a stumbling block to life insurance ownership that was really “not there” it’s price, or better stated perceived price. Get this: When asked the price per year for a $250,000 20-year, level-term life insurance policy for a healthy 30 year old, the median cost given by those 25 and younger was $1,000—nearly 10 times its actual cost of $150 a year. Overall, more than 80% of Americans overestimate the cost of life insurance.

Overall, more than 80% of Americans overestimate the cost of life insurance.

Couple this with the fact that many people prioritize things like paying for cable and their cellphone or eating out over getting life insurance. Ouch!

Below are 10 life insurance facts from the study that are “tweetable,” meaning you can share them simply by clicking on the fact you’d like to tweet and the tweet will be generated for you. And be sure to follow us on Twitter at @lifehappens.

The source of all these statistics is the 2014 Insurance Barometer Study, Life Happens and LIMRA.

Tweet65% of adults agree they personally need life insurance and 27% say they need more than they have. http://lifehap.pn/1g7wUnM #LifeStats

Tweet31% say they’d feel the financial impact from the death of the primary wage earner in 1 month. http://lifehap.pn/1g7wUnM #LifeStats

Tweet52% of those age 25-34 are very/extremely concerned about having enough money for retirement. http://lifehap.pn/1g7wUnM #LifeStats

Tweet47% of those age 35-44 are very/extremely concerned about having enough money for retirement. http://lifehap.pn/1g7wUnM #LifeStats

Tweet80% of Americans overestimate the cost of life insurance. http://lifehap.pn/1g7wUnM #LifeStats

TweetThose under 25 overestimate the cost of life insurance by 10x! http://lifehap.pn/1g7wUnM #LifeStats

Tweet59% haven’t bought life insurance or more of it because they have “other financial priorities.” http://lifehap.pn/1g7wUnM #LifeStats

TweetFinancial priorities: 52% put expenses such as cable and cell phone ahead of buying life insurance. http://lifehap.pn/1g7wUnM #LifeStats

TweetFinancial priorities: 1 in 5 pay for activities like eating out over buying life insurance. http://lifehap.pn/1g7wUnM #LifeStats

Tweet24% haven’t bought life insurance because “no one has approached me.” (Start at lifehappens.org!) http://lifehap.pn/1g7wUnM #LifeStats