Reasons why millennials need life insurance
Millennials are young and nimble. You probably don’t think about life insurance everyday if you are a part of the millennial generation. It is an important part of everyone’s lives, especially if someone is depending on you.
Why should you buy life insurance young? Here are things to consider:
1. People depend on you: Although you may not have a child or family yet, having a spouse counts as a dependent. If you pass on, would your spouse suffer financial loss? Not only will your spouse be grieving, but they will also have the burden of financial stress. Bills, mortgage, car, insurance; these are all assets that need to be paid off. Your income can possibly be a big part of paying off these debts. Having life insurance sets up your partner to living a normal and financial stress-free life.
2. Costs of life insurance is lower: When you are young and healthy, the cost of life insurance is significantly lower. Insurance companies are big on health, age, and whether you are a smoker. If you are a healthy, young, and smoke-free individual, you will be surprised at how low your premiums will be.
3. You have debt or student loans: If you have no debt or student loans, lucky you, but most of us do. These loans are going to have to be paid off somehow if you die. Life insurance gives your spouse and family a load off their backs. There is no need to worry about student loan debt during a time of grieving.
4. Funeral expenses: The cost of a funeral is expensive. A funeral can cost up to $10,000. Life insurance can cover these costs and take the financial stress away from your loved ones.
5. Employer insurance may not be enough: Employers offering life insurance is fantastic, but it is not always enough. Say you get sick and can’t work for the company, that means that your life insurance plan may be stopped as well. Be safe and purchase a solid life insurance plan.
The contemporary life insurance market is way more extensive than a source of income for beneficiaries when catastrophe strikes. With a plethora of options, these plans offer you and your entire family peace of mind, and often give your money investment opportunity to allow you to enjoy the money invested during your lifetime.
Choosing the perfect life insurance plan depends as much on your financial needs as it does on your health class rating. We will assess all factors and guide you through every option until we find the perfect plan for you.
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