What Millennials Should Know About Planning for the Future
Why Millennials Should Secure Life Insurance
The youth of today may not be thinking about their finances of tomorrow. Millennials may not be thinking too much about how they need life insurance coverage. In fact, many believe that it’s only for large families and those with lots of debt. While insurance isn’t for everyone, coverage can certainly help millennials. From financial planning to thinking ahead to the future, life insurance in Thousand Oaks, CA can provide quality benefits. Here’s why it’s financially smart for millennials to purchase life insurance.
- Life insurance costs less when you’re young
Two major factors that go into determining a life insurance premium are age and health. As a millennial, you have youth on your side. If you’re in reasonable health, too, you could be looking at a low premium for a whole lot of coverage!
- Buying early can increase cash value
Many millennials opt for a term insurance policy, which lasts for a certain period of time. However, whole life (or permanent) insurance stays with you for life. In addition to unconditional coverage, the insurance can help you to build cash value. You have a longer time to put money into the insurance plan and allow your money to draw tax-free interest.
- It protects your loved ones
None of us are immortal – that’s no secret. Most millennials are starting out on their career path with little to no savings. Many are burdened with student debt and have plenty of expenses to pay every month. Life insurance can help to replace your income so that your family can grieve without financial worry. In addition, coverage can pay for your funeral and remaining debts so you take the burden off your loved ones.
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, Westlake Village, and neighboring communities.