The Millennial's Quick Guide to Life Insurance

Insurance is among the least sexy of financial instruments. You pay your premiums to safeguard against some possible disaster and then hope you never get your money's worth. That's some value proposition, right? Throw in the issue of your own mortality, and you might be inclined to ignore the need for life insurance entirely.

And you wouldn't be alone in that mindset. According to a recent study by New York Life, millennials are exposed to financial risk because they don't carry enough life insurance. The survey revealed that millennials have, on average, $100,000 in life insurance coverage. But this group also estimated they'd need $452,000 to get by if a household breadwinner passed on. That's a coverage shortfall of $352,000 -- which is 60% greater than the coverage gap for the general population.

As much as you might not want to address your life insurance needs, this backup system could play an important role in your family's financial security. If you have a coverage gap to close, here's what you need to do first.

Source Fool.com