Why Millennials Need Life Insurance

Why Millennials Need Life Insurance

Let’s face it - life insurance is not a very exciting topic. With the pressure of student loans, day-to-day expenses, and planning your next vacation – life insurance just seems to be sitting at the very bottom of the list for millennials, but it certainly is something to start thinking about.

What if something were to happen to you tomorrow? Would anyone be affected by the loss of your income? Most likely, the answer to that question is “yes”. That is one big reason to consider purchasing life insurance. Here are few more:

1.       It’s Cheaper

There are many factors that affect your life insurance premium, including your age and overall health. The younger you are when you purchase life insurance the cheaper it will be, especially if you don’t smoke or have any pre-existing health conditions. Waiting too long can affect your ability to obtain the amount of life insurance you and your family need so it is a good idea to consider buying sooner rather than later.

2.       Funerals are Costly

Even if you’re not married, someone will have to pay the costs of your funeral. Funerals are expensive and can range between $5,000 and $15,000. Your life insurance policy can cover these costs and take any financial stress of your loved ones.

3.       People depend on you

This doesn’t just mean children. It could also mean a spouse or significant other or even an elderly guardian. You need to make sure that your loved ones are being well taken care of in the worst-case scenario and free from any financial stress because of the loss of your income.

4.       You have outstanding debt and/or co-signers

Student loan debt is already a pain now. Someone will have to be responsible for any outstanding debt you may have whether it’s loans, mortgage or even credit card bills. Again, having life insurance will help protect your loved ones from this.

5.       Your Employer’s Insurance may not be Enough

Having group life insurance is an excellent benefit however, sometimes employer plans only offer a basic amount and type of life insurance. This may not always meet the needs of your specific family situation. Additionally, most group policies end when you stop working for the company. It is always a good idea to purchase your own individual policy in the event that you become terminally ill or pass away unexpectedly. This will give you a peace of mind that your policy is tailored to your specific needs.

 

There are many benefits to purchasing life insurance while you are still young and healthy. To learn more, call our office and speak to an advisor today at 905-696-9090 or email us at This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Source: The Frugal Millionaire

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