Milestones like marriage and parenthood are so delayed for millennials and Gen Z many of them are skipping out on life insurance, report finds

Due to the rising cost of housing and wages not catching up to inflation, Gen Zers and millennials are delaying major life milestones like buying a home or becoming a parent. In some cases, they’re pushing off these major milestones to enjoy life in the moment by traveling or making large purchases. This phenomenon is affecting financial decisions in other important ways. A Capgemini report shared exclusively with Fortune in September shows that even though nearly 70% of adults under the age of 40 see life insurance as essential for a healthy financial future, the options they have don’t currently align with their financial priorities—making them forgo it altogether in some cases. Samantha Chow, global leader for life insurance, annuities, and benefits sector at infotech and consulting firm Capgemini, told Fortune Gen Z and millennials will get life insurance if it’s super cheap or free. But the thought of having to pay for it when they still can’t afford to buy a home doesn’t make sense to them. “They’re getting married later, having children later, not [making] financial decisions like [buying] a home or something of that nature,” she said. “They tend to either put more away, like in the 401K, or they tend to open up their own type of investment accounts and take that extra money and put it away.” The study, which was conducted jointly with LIMRA, was based on a survey of more than 6,100 people aged 18-39 across 18 markets, 200 senior insurance executives across 18 markets, and macroeconomic forecasts developed in collaboration with Oxford Economics. Results show 63% of these consumers have no immediate marriage plans and 84% of both single and married people have no immediate plans to have a child. Gen Z and millennials want ‘living’ benefits A traditional life-insurance policy is essentially a financial contract between an individual and an insurance company that allows the user to make regular payments (premiums). In return, the insurer promises to pay a sum o…