What Millennials Need to Know About Life Insurance
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 dependants. 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! For Forrest Wold-McGimsey, there was not enough time. Forrest, just a boy, lost his mother to cancer. While his family tried to pick up the pieces, it was clear that life insurance was missing. Brian, Forrest’s father, did what he could to make ends meet. As a result of this hardship and upsetting time of life, Brian increased his own life insurance coverage to make sure that the same mistake wouldn’t happen again. Forrest continues to work towards a bright future, now in his twenties. As a millennial, he truly understands the value of life insurance coverage.
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 beyond.