Why millennials should consider securing life insurance cover.
To be a millennial is to face risk – both good and bad. The technology that has revolutionized home life – streaming, social media, and smartphones – has rendered many older jobs obsolete. But it has also opened doors to new ways of working, living, and communicating. Caught up in everyday life, it’s natural for millennials to overlook the importance of life insurance. After all, you’re young, you have little financial responsibilities, and no need for coverage just yet – right? Well, that’s where a lot of millennials get it wrong. Millennials, just like other generations, need to consider insurance as a means to protect what they have and manage the risk of what may happen.
Here are a few reasons why millennials should consider life insurance cover.
- Cheaper rates
Quite simply, the younger and healthier you are, the cheaper rates you can lock in. If you purchase a life insurance policy before any medical conditions develop, you’ll most likely save some money in premiums.
- Obligations with partners
Death can be a heavy financial burden to bear, especially if you have a partner with whom you have a joint account or have co-signed a loan with. Life insurance can make up for the sudden loss of income to help your surviving partner.
- Business opportunities
Many millennials opt for an entrepreneurial career. Working in a start-up or company where you are the owner can be empowering, but it also carries a certain amount of risk. An untimely death can leave your business in a difficult financial spot while new owners or investors are sought. A life insurance policy can be provided to help the ‘key person’ keep the business going.
- Debt coverage
Believe it or not, but loans don’t disappear if you die. If you have Federal student loans, your loans will be discharged and your family will not be responsible for your debt. However, if you have private loans, the debt will be inherited by your family. The last thing your family need is debt collectors harassing them while they are grieving.
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.