How to value life insurance as a millennial.
If you’re a millennial, then you’re likely at the age where you’re taking out student loans, buying or renting a place to live, having kids, and purchasing insurance. These major life events for millennials make it extremely important to have a financial security net. However, a lot of people aged 18 to 35 believe that they never need to purchase life insurance. While life insurance is not for everyone, it is for most people.
Millennials like to think that they don’t need the security of life insurance. After all, you’re probably young and healthy, so what’s to lose? The reality is that many people need life insurance, even if they are single and don’t have any dependents. Believe it or not, but passing on is expensive, and you need to ensure that you have the right funds to take care of everything after you pass. For more information about what the youth of today should know about life insurance, read on.
Determine if you need it. Marriage, a mortgage, and children make life insurance part of our financial planning, no matter your age. When you’re young, you spend a lot of time focusing on your personal situation. As you get older, you worry more about others in your life. Life insurance is a selfless policy: you’ll never get to use it, but your family will. If you have loved ones and dependents that rely on you financially, you should take out life insurance.
Check out the types. Term life insurance covers you for a certain period of time, whereas permanent life insurance covers you throughout your entire life. If you only want insurance until your kids are old enough to fend for themselves, then term insurance is the way to go. You may want whole life insurance because you have an issue that needs liquidity after your death. Everyone’s needs will be different, but there will be a policy to suit you.
Buy young. It’s typical that young people who are generally fit and healthy will enjoy lower premiums than older folk who may have health conditions. The best way to lock in a low rate is to purchase insurance while you’re in your youth!
Picking the right policy can be a daunting experience. However, it is essential that you do!
Get started with the right life insurance coverage for your needs by contacting the industry experts at Donald Weiss Insurance Services!