Do Millennials Need Life Insurance?

Due to trying to save every penny or balance a work-life balance, it’s hard for some young adults to invest in insurance seriously.

Being a young adult presents financial challenges, so much so that the thought of life insurance gets put on the back burner. One debt that is crippling for anyone, especially Millennials, are student loans. Then, on top of that, some millennials obsess over how to save for retirement. After all, Social Security has reported that funds will deplete, within just the next fifteen years or so. Due to trying to save every penny or balance a work-life balance, it’s hard for some young adults to invest in insurance seriously. Some don’t even think they need it, which is alarming! People typically under 30 haphazardly think about insurance more so than older adults. Since people under thirty are generally healthy and at the prime of their lives, it makes sense to overlook life insurance. However, it’s best to invest at the start of your career and here are some reasons why.

1) When You’re Young, Life Insurance is Cheap

Life insurance premiums are more or less expensive based on age and health. As you age or if your health is in bad shape, then life insurance becomes costlier. If you wait to invest, then you will see the significant difference in pricing. If you’re healthy and young, you should lock in an affordable rate now as it will save you money in the long run.

2) You Can Save Your Family from Debt

While it’s sad to think about, unfortunate things happen in life. Did you know even when you pass, student loan bills are still a responsibility? You don’t want to leave your family in financial duress and make sure that they have coverage and financial security. Also, if you have a spouse, a life insurance policy could cover any financial debt that you and your partner may have accrued.

3) Your Children Will Be Taken Care Of

A noticeable birth rate trend is that millennials are waiting longer to have children and start families, unlike baby boomers. However, if you have a family in your twenties, then you want to make sure your children are always secure. Also, if you or your spouse stay at home, then you want to make sure that a financial burden won’t fall upon them. Even if both you and your partner are employed, a life insurance policy could help down the line with financing your children’s college education.

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This entry was posted on Friday, May 3rd, 2019 at 10:12 am. Both comments and pings are currently closed.