Do Millennials Need Life Insurance?

Do Millennials Need Life Insurance?

As millennials begin to buy homes, get married and have children, life insurance coverage can help them protect the things they love. Getting life insurance while you are young and healthy is a smart way to protect your future while locking in a low premium. 

In this article, we provide a few examples of why you might need life insurance and how it can help you invest in your future without breaking the bank.

Do you have financial dependents?  

If you have children or loved ones who depend on you, then you need life insurance. If you were to pass away unexpectedly, a life insurance policy can offer your dependents the financial support they’ll need to continue paying the bills, including the mortgage. If you don’t have a financial plan in place, now is a great time to consider getting life insurance.

For as low as $20 a month, you can protect your loved ones from financial distress if you were no longer around to support them. A term life insurance policy covers a set amount of years and is one of the most affordable types of life insurance – we usually recommend this option for younger individuals and families. 

Do you have financial responsibilities?  

Life insurance can do more than protect your loved ones: It can also help cover your financial investments and loans if you die while the policy is in force. If you have a home loan, a small business, student loans, etc., your life insurance policy funds can be used to cover these debts if you pass away. This way, your family won’t be left to face these financial burdens on their own. 

Life insurance can cover final expenses

The average funeral costs around $7,000 – $9,000. Are your loved ones prepared to cover this cost on their own? When you have life insurance coverage, your loved ones can use your policy’s death benefit to cover burial, funeral and end-of-life costs.

Employer-sponsored coverage may not be enough

If you are lucky enough to have life insurance through your employer, then you are off to a great start! However, it’s important to keep in mind that this coverage is usually not portable – meaning that if you leave or lose your job, you will no longer have life insurance protection. Having your own personal coverage ensures that you will never lose coverage in the event of job loss.

Apply online for a personalized insurance plan fit for your budget & needs

Buying life insurance while you are young and relatively healthy is the best time to lock in a low rate and protect your future. No matter what stage of life you are in, investing in life insurance is a smart move that can give you peace of mind, knowing you have financial protection in place so your loved ones won’t face a financial burden if you were to pass away.

With policy types to fit every need, Quility offers term life insurance policies customized just for you. If you’d like to learn more about a personalized life insurance policy with competitive rates, Quility’s licensed advisors are just a click away.

Author: insurance101

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