Here’s Why Millennials Aren’t Buying Life Insurance in Westlake Village
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Here’s Why Millennials Aren’t Buying Life Insurance (But Should!)

  • December 21, 2017

Despite your young age and lack of assets, life insurance is sensible to be part of a good financial plan.  

 

When it comes to life insurance in Westlake Village, Millennials often think the same thing – ‘I’m young, I’ve got plenty of time before I go’ or ‘What do I need life insurance for? I don’t have a spouse or children to protect.’ These thoughts are understandable. Everyone’s been young and carefree and the last thing we want to think about is our impending death. Unfortunately, just 52 percent of Millennials have life insurance. But a whole lot more have loved ones.

 

What’s stopping Millennials from doing the right thing?

 

Almost 80 percent say they’ve got other financial priorities, including:

 

  • Living expenses like rent, mortgage, groceries
  • Expenses such as internet, cable, cell phone
  • Activities such as going out to eat, the movies, shopping, etc.
  • Saving for a vacation

It was found that 73 percent of Millennials say it’s too expensive, but 8 in 10 people overestimated the cost. In fact, 40 percent thought it was 5 times more expensive than it is!

 

Millennials, although they think they’re invincible, should secure life insurance for several reasons. Here are a few below.

 

Family – Investing in a life insurance policy could help secure your family’s future as they’re picking up the pieces of such a devastating loss. Your family could use the death benefits to cover:

  • Credit debt
  • Burial expenses
  • Help support siblings with educational expenses
  • Provide parents with the resource to retire

 

Remaining expenses – While your federally-funded student loans will disappear when you die, if you have private student loans co-signed by your parents, they may be responsible for paying it off in the event of your death. There are instances when the bank has called for the loan to be paid in full immediately following a death.

 

Assets – Newlyweds often celebrate their union by purchasing a new home. Even if you have mortgage insurance, don’t be fooled – this does not pay off the mortgage if the homeowner dies. Unless you know your spouse could fully support the household bills, it’s a good idea to look into life insurance.

 

Find out more about what Millennials need to know about life insurance.

 

Get set up with the right life insurance coverage for your needs by contacting the industry experts at Falsken & Associates Insurance Agency, serving Thousand Oaks and neighboring cities in California. Visit us today!