Life Insurance Tips for Millennials

Life Insurance Tips for Millennials

Arguably, people are at the prime of life in their 20s and 30s. Many members of this generation, currently known as Millennials, are either single or recently married, upwardly mobile in their careers, and at the height of their youthful energy. Their lives are just beginning! Most millennials don’t think they need to worry about securing a Life Insurance Policy. That’s not necessarily true. If you belong to this generation, read these life insurance tips.

The Earlier You Get It, The Cheaper It Is

If you have a spouse or a child, the arguments in favor of life insurance are obvious. But, even if you are single now, if you hope to have a family one day you’ll want to know they’ll be protected in the event something happens to you. The same holds true if you have or expect to have responsibility for a disabled relative or if you plan to go into business with a life partner or spouse. If something happens to you, don’t you want your spouse or partner to be protected financially so he or she can continue to run the business and earn a living?

Life insurance is often extremely affordable for low-risk applicants, such as healthy millennials. It’s simple, too. As an article on NerdWallet notes, “You pay a premium and your heirs receive a lump-sum benefit after you’re gone.” It’s that simple. Why not lock in a great rate while you can? You will be glad you did later. Additionally, many life insurance policies include an investment component that can benefit you for years to come.

Tomorrow Is Never Guaranteed

Simply scan the headlines on any given day and you will find plenty of stories about people sadly cut down in the prime of their lives. Thinking about and planning for death isn’t pleasant. Many millennials carry considerable student loan debts. Many come from families who would find it difficult to pay for the unexpected expenses of a funeral service and burial. For the millennial generation, buying life insurance is a relatively minor expense that, in some cases, will be a huge final gift for their loved ones.

If you’re interested in securing or learning more about a personal life insurance policy, contact us at Newman Crane & Associates Insurance, (407) 859-3691.