By Solid Serenity Legal Solutions
As older Millennials approach their 40’s, start families, and plan for the next chapters of their lives, their generation is looking at health insurance and whether it makes sense for them. But as older Millennials age into other stages of adulthood, there is still little understanding for what life insurance is or why it’s necessary.
A poll by Budget Insurance found that 82% of Millennials do not know what life insurance is for. They do not understand all the benefits life insurance can give their families.
Life insurance is a helpful tool for families to survive the unexpected passing of a family member. The proceeds can help spouses cover their living expenses when faced with losing the home’s second income-earner.
Luckily for Millennials, this is a great time to look into getting life insurance. Here we will talk about three reasons why Millennials should start taking life insurance seriously: the need Millennials have for life insurance, the costs of taking out a plan, and the opportunities presented in the current market.
(1) The Need
The need for life insurance for Millennials is the same as for every other generation: to protect your family financially if something were to happen to you. What’s new for Millennials is that now older members of the generation are starting to have families and will need to begin looking into protecting them.
According to PEW Research 60% of families rely on dual incomes, meaning that if one of those incomes disappeared, the family would struggle to make ends meet. Another 31% of households rely on a single income. Losing the sole income for a family would prove just as catastrophic, if not more so. It’s important to be able to leave your family with financial security in the case that something happens to you.
The grief and rebuilding process is stressful enough. Help your family by lessening their money concerns.
(2) Costs of Policies
The good news for Millennials is that the cost of Life Insurance for them now is a better value than it will ever be. Due to Millennials still being relatively young, costs are cheaper and straightforward plans make the most sense.
A simple term life policy is all most Millennials would need. For extremely low monthly rates, Millennials could get up to one million dollars in coverage. Plans like these are good values for Millennials looking to protect their loved one’s financially if they were to pass away. Insuring that your family is taken care of if something was to happen to you for such a low monthly premium is a smart move.
(3) Current Opportunities
Millennials have more flexibility when looking for Life Insurance than other generations had. New companies are popping up to make getting life insurance more affordable and accessible than ever before.
These companies are using technology to focus on speed and ease of use, allowing customers to do everything online or in an app. Instead of having to call companies or take the time to go to a physical location to take care of everything, Millennials looking for life insurance can find quicker modes of getting insured and with lower overhead costs than brick and mortar shops. The technology of online companies allow them to make insurance plans even more affordable for the younger generations.
If you want to take a closer look at your financial and estate planning for your family, call us today to sign up for a Family Legacy Plan Meeting!