Fear of miss­ing out—is more than just a hash­tag. Many Mil­len­ni­als admit that #FOMO dri­ves a lot of their deci­sions on what they wear, what they do, even what they eat and drink. We live in a world of social influence.

But one area where #FOMO real­ly does you a dis­ser­vice? No one is afraid of miss­ing out on the ben­e­fits of life insur­ance. And why should you? There are so many oth­er things com­pet­ing for your dol­lars. That said, do you know what you’re miss­ing out on by not hav­ing it? Are you mak­ing one or more of these mistakes?

You think life insur­ance is much more expen­sive than it actu­al­ly is. Three in four Mil­len­ni­als over­es­ti­mate the cost of life insurance—sometimes by a fac­tor of 2, 3, or even more! (2017 Insur­ance Barom­e­ter Study by Life Hap­pens and LIMRA) Imag­ine being able to afford life insur­ance for the cost of that dai­ly lat­te, and for less mon­ey than your avo­ca­do toast habit!

You think you can’t qual­i­fy for life insur­ance. Noth­ing could be fur­ther from the truth, and yet four in 10 Mil­len­ni­als think this is true, accord­ing to the same study! Younger can­di­dates have an eas­i­er time get­ting life insur­ance because they are gen­er­al­ly healthier.

You’ll turn to GoFundMe if some­thing goes wrong. In an era where social net­work­ing does all things, it’s nat­ur­al to think that your loved ones can crowd­fund their way to sol­ven­cy after some­thing hap­pens. But life insur­ance ben­e­fits aren’t taxed like GoFundMe pro­ceeds are, and life insur­ance has a defined, imme­di­ate pay­out that GoFundMe does not. Plus, your loved ones don’t need the stress or the stig­ma of hav­ing to ask oth­ers for help.

You’d rather spend that mon­ey on oth­er things. In fact, one study recent­ly sug­gest­ed that many Mil­len­ni­als are more con­cerned about plan­ning their next night out with a sig­nif­i­cant oth­er than plan­ning for their finan­cial future.  But sen­si­ble steps now will make for a bet­ter future with that sig­nif­i­cant oth­er long past tomor­row night’s date.

You don’t care because you don’t have peo­ple depend­ing on you for mon­ey. Take a look at your stu­dent loans. Were any of them pri­vate loans? Who is liable for them—in full, often immediately—if some­thing hap­pens to you? There are oth­er debts you may need to con­sid­er as well—anything where you have a co-signer.

You keep say­ing you’ll get around to buy­ing insur­ance, but don’t. Mil­len­ni­als are get­ting mar­ried, hav­ing fam­i­lies! Young fam­i­lies have enough to wor­ry about with day­care costs and increased med­ical costs, right? Well, imag­ine what your young fam­i­ly would do about those bills if some­thing hap­pened to you. Could your spouse pay the rent or mort­gage with­out your income?

You tune out when “adult­ing” gets too hard. One recent col­lege grad recent­ly con­fessed to me that he hadn’t elect­ed into any of his employ­ee ben­e­fits at the dream job he got in his field because “my dad takes care of that.” He was shocked to learn what he was miss­ing out on!

Yes, adult­ing *is* hard, but a sound finan­cial plan that includes retire­ment and insur­ance cov­er­age (health, life, and dis­abil­i­ty insur­ance are all part of that plan) goes a long way to mak­ing sure that you don’t look back on your younger years and think, “Oh, why didn’t I start this soon­er?” Plus, you don’t have to do it alone—that’s what insur­ance agents are for. They will sit down with you at no cost, or oblig­a­tion, to dis­cuss what you need and how to get cov­er­age to fit your bud­get. But then, sign­ing up—that IS on you. Don’t miss out.

By Helen Mosher

Orig­i­nal­ly pub­lished by www.LifeHappens.org