If you’re a millennial, life insurance might not even be on your radar. After all, you may be focusing on a number of other things, like building your career, paying off student loans, saving for your first home, or maybe even starting a family. But the truth is, life insurance isn’t just for older adults—it can be a smart financial move for any millennial.
Let’s take a look at five reasons why purchasing a life insurance policy as a millennial may be the right move!
Lock In Premiums While You’re Young and Healthy
Life insurance premiums are largely based on your age and health. The younger and healthier you are now, the cheaper it is to get covered. In fact, over half of millennials overestimate the cost of life insurance! If you’re able to get locked into a policy now, that means you’ll pay lower monthly premiums for the years to come, even if your health were to change.
Protect Loved Ones from Outstanding Debt
Millennials hold some of the highest levels of student loan and credit card debt in history, with the average person having an estimated $27,251 in non-mortgage consumer debt. It’s important to remember that if something were to happen to you, your debt doesn’t just disappear. Those debts could be passed onto your parents, spouse, or co-signer, especially if they’re private loans or joint accounts. Having a solid life insurance plan in place can add an extra level of financial security for your loved ones.
Support for a Growing Family or Future Plans
Whether you already have kids or at least plan to in the future, life insurance is one of the most powerful tools to help protect your family financially. Even if you don’t have a family now, life can throw a curveball. This is where a safety net comes in handy. Having an all-encompassing policy can cover everyday expenses, future education costs, or even help maintain your surviving partner’s lifestyle.
Covering End of Life and Emergency Expenses
Emergencies can happen in the blink of an eye, and when they do, the emotional toll is often overwhelming. Funeral costs, medical bills, and legal fees can quickly add up. Without a life insurance policy, loved ones could be left with the bill during an already incredibly stressful time. Life insurance can sometimes offer peace of mind for your loved ones by easing any lingering financial burdens.
Employer Coverage Isn’t Always Enough
Although employers may offer basic life insurance, these policies may be limited in coverage as they’re tied to your job. If you happen to change jobs abruptly or are suddenly faced with being laid off, that policy might go away. Having your own policy ensures that you’re covered no matter what the future holds.
Make a Lasting Impact
The decisions you make today not only shape your future but also the future of those you care about. Choosing life insurance is a powerful action — one that provides financial stability, peace of mind, and long-lasting protection. We’re here to help you compare policies that specifically meet your needs and budget. Start exploring life insurance options and get a personalized quote today.