Millennials, You Need Life Insurance Too
Why Millennials Needs Life Insurance
Millennials have different responsibilities today then other generations of young adults had in the past. One of the things they tend to worry very little about is having insurance. It’s common to see people over 30 having life insurance; however, this is not the same when we look at those who are under 30.
Why Aren’t Millenials Buying Life Insurance?
There are many reasons why Millenials tend to postpone purchasing life insurance; some of which are misconceptions:
- They consider it an additional expense
- They think it’s too soon to have insurance
- They don’t think it’s a priority
- They underestimate insurance plans
But the truth is, even millennials need insurance. Here are some of the reasons why.
Price is Better Now
Now that you’re young and healthy, the cost of life insurance is cheaper. So now is an excellent time to get good coverage without having to pay too much. If you wait until later on when you’re thirty or older, you will likely get pricier coverage, but doing it now will allow you to lock in a better price.
Funeral Costs are Higher Than You Might Think
It is rare for people to think about their death, but it is inevitable. The responsible thing to do is to start preparing for that time sooner rather than later. Funerals are not cheap. They can be anywhere from $6,000 to $10,000, and someone is going to have to pay for that. With a small life insurance policy, you won’t have to worry about that anymore.
Employer’s Insurance Might Not Be the Best Fit
Even if you have a job that offers insurance coverage, that might not be enough for you. Everyone has different insurance needs, so buying a separate policy is a good move. This way, you can make sure you are covered even when your employer’s plan falls short. Another benefit of having an additional insurance policy is it will cover you even if you stop working for your current employer —whether you quit or are laid off.
Keeps Your Family Safe from Unexpected Debt
Have you ever wondered what would happen to your debt in the event of your death? If your parents took out a loan that you are paying off, it would fall on their lap. Or if you’re married, your spouse would likely have to take care of it. Life insurance will help address those problems without affecting your loved ones so that you can have peace of mind.
Being proactive when it comes to life insurance pays off. Millennials need insurance now, not later.