Dan Kadlec wrote this article a few years ago. I found it interesting and thought I should share since I have two Millennials in my home.

Millennials are the most underinsured generation alive today—which makes a certain amount of sense. They have relatively few assets or dependents to protect. Still, the gaps in coverage are striking and offer further evidence that this generation has been unusually slow to launch.

• Roughly one in four adults aged 18 to 29 do not have health insurance, twice the rate of all other adults
• Millennials are also far less likely to have auto, life, homeowners, renters, and disability coverage.
• This generation has famously overprotective parents who awarded them trophies just for showing up. Millennials may view moving back home or calling Mom and Dad for a bailout as their personal no-cost, all-purpose insurance plan.

Millions of young adults routinely boomerang home after college or get other family financial support. The trend is so broad that psychologists have given this new life phase a name: emerging adulthood, a period that lasts to age 28 or 30. Remarkably, the parents of boomerang kids don’t seem to mind providing the extended support. A quarter of parents supporting an adult child say they have taken on additional debt; 13% have delayed a life event, such as taking a dream vacation; and 7% have delayed retirement.

Yet young people overlook certain types of insurance at their peril—even though these policies may be relatively inexpensive. 1 in 4 do not have health insurance. Some believe it is not fair that their insurance premiums subsidize the health benefits of older Americans who are far more likely to need care.

•  Also, 64% of millennials have auto insurance, compared to 84% of older generations.
• 10% of millennials have homeowners insurance, compared to more than half of those aged 30 to 49 and 75% of those 65 and older. Not many in this age group own a home, but they don’t carry renters insurance.
• 13% of millennials have disability insurance, compared with 37% of those 30 to 49. Yet most studies agree that one in three working adults will miss at least three months of work at least once in their life due to illness.
• 36% of millennials have life insurance, compared with 60% of those 30 to 49. If you have no dependents you might not need it, but if you have debt that someone else has co-signed, you should have enough coverage to retire the debt.