5 Reasons Why Millennials Must Buy Life Insurance
April 13, 2023
The Millennial generation has reached adulthood and must now make adult decisions and should buy life insurance while they are young. Many are still on the fence about the choice when choosing life insurance. Others need to gain an understanding of what makes this investment so important.
Five Key Elements to Why Millennials Should Buy Life Insurance
We look at five of the key reasons why millennials need life insurance.
It Is Easy To Get Life Insurance For Millennials
Millennials lead busy lives with demanding schedules, so it can be challenging to make the time for visits to the insurance broker or lengthy phone conversations. Millennials have an advantage because buying a life policy has never been easier. With online applications and payment processing at your fingertips, getting the policy you need is easier than ever.
Millennials Are Young Enough To Lock in Low Rates
Life insurance premiums depend upon your age and your current health conditions. Since Millennials are in their early adult years, this is the time to lock in a life policy at the best possible rates. Remember that once you purchase the policy, you lock in that premium for the policy’s lifespan. That makes this the best time to buy life insurance for Millennials.
Millennials Have Growing Families
This may be the time you are planning your family, having children, and establishing yourself. As a parent of minor children, having life coverage helps ensure that you provide for your children’s needs in the event of your death. When one parent dies, it alters the household expenses, including added childcare costs, and raises the challenges of sustaining the household. A life policy helps ease those struggles.
Millennials Have Become Homeowners
Major investments, such as home purchases, are significant financial commitments. Millennials are buying homes and need to consider the financial implications. Once you purchase a home, consider investing in life coverage to help offset that mortgage balance and protect your family home in the event of your death.
Employer Life Policies Are Rarely Sufficient
Millennials in the workforce may assume that the life policy offered by their employer is sufficient for their needs. It is rarely true. Not only could you lose that policy if you switch jobs, but you often have little control over the death benefit amount, which may only be enough for funeral costs. Make sure you invest in a separate policy for your personal needs.
Calculating Enough Life Insurance For Millennials
Once you understand why you need to buy a life policy, you must know how much coverage is enough. Calculating your life insurance requirements starts with assessing your debts, including loans, mortgages, and any outstanding accounts. Then, determine how much your family needs for your funeral services. Consider an additional amount to replace lost income for your family and help them navigate the transition.
When buying life insurance for Millennials, there is no better time. Take advantage of the cost savings of locking in your policy as a young adult and get the coverage that your family needs.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.