More than half (55 per cent) of millennials do not have any life insurance, according to a recent survey by TD.

The survey revealed that other financial priorities, including paying down their debt (25 per cent) and saving for a house (21 per cent), were much higher on the 'to do' list with life insurance lowest on the list.

"As millennials are in the midst of this new life stage, it's clear that they want to protect their families and loved ones," said Mark Hardy, Senior Manager of Direct Life & Health, TD Insurance in an announcement about the survey results issued June 20. "But with so many other financial responsibilities it can be daunting to know where to start."

Top barriers to purchasing insurance

While millennials said the top barrier to purchasing life insurance was the cost (55 per cent), more than a third (37 per cent) said they haven't purchased life insurance because they don't have any dependents.

"There's no doubt that getting married or becoming a parent is a key life event when people realize the importance of having life insurance," adds Hardy. "Less understood is that the younger you are when you buy life insurance, the less you'll pay for your coverage and your premiums will not increase for the term you choose."

The survey showed that while most millennials said that life insurance is best to cover one-time costs, such as funerals (68 per cent), many don't realize that it can assist with other needs such as: day-to-day living expenses, mortgage payments, lost income, and student loans and other areas “where having life insurance can help relieve the financial pressure on those left behind.”

Talk to an advisor

"Before making any decisions about life insurance, it's important to start by researching your options and speaking to an insurance advisor to learn what insurance will best fit your unique situation," says Hardy. "That way you can be assured peace of mind for you and your family."