If and when you do go shopping for life insurance, Tanzer says it's important for young insurance consumers to meet with a life insurance sales specialist to determine how much coverage they need. "Insurance agents can provide a needs assessment," she says. "In general, it is recommended that you consider what your annual salary is and buy life insurance to cover five to ten years of that, should the unthinkable occur. Again, this can provide your significant other or family with the financial protection they need."

While the insurance industry would love to get more Millennials on board with life insurance, younger financial consumers continue to resist. That decision could come back and haunt them, because the thing about life insurance is this - by the time you realize you really need it, it's more than likely too late.

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