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Young adults postpone buying life insurance

May 30, 2014

[TORONTO] Usman Ahmad is in no hurry to insure his own life, even after buying protection for his grey BMW and the house that he bought in Toronto.

“I’m not planning on dying any time soon so it’s a waste of money,” the 30-year-old said while eating lunch and browsing his iPhone at a food court in Toronto’s financial district, where he works for Gemini Aviation Inc as a manager. “When I get married and have kids, maybe then I’ll consider it.”

Young adults who wait longer to start families are also putting off death planning, pushing insurers such as MetLife Inc in the US and Canada’s Manulife Financial Corp to expand in regions such as Asia or Latin America, and push into asset management or retirement planning. Companies are also investing in technology and advertising, hiring younger agents and expanding at workplaces to help stem the sales decline.

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