Young Americans are underinsured.

 

A report from InsuranceQuotes.com revealed that, despite the Affordable Care Act's mandate that all Americans have health insurance, those ages 18 to 29 are more likely than others to have no coverage.

 

Analyst Laura Adams says overconfidence among millennials is an issue.

 

Adams says they often think they are prepared for the financial consequences of risky events like car accidents, theft, or major medical emergencies. 

 

The number one reason millennials give for having no life insurance is cost, but Adams says many actually overestimate the potential expense.

 

 

 

 

 

 

 

(Photo: Joe Raedle / 2011 Getty Images)