For most millennials, they have the same misbelief that they don’t need life insurance coverage. However, they are entirely unaware that this type of insurance is a crucial part of financial planning. If you’re one of them, most probably you’re still living with your parents until you get more established. Or maybe you’re looking forward to moving out or you’re getting married. These are some of the most common reasons why millennials consider life insurance to be the last thing on their list to deal with. Don’t worry, you’re not alone.
Here are five things you must know about life insurance that you might need:
1. Supports and Secures Your Loved Ones
It’s normal how millennials consider life insurance to be the last thing on their mind. But when you start to decide to settle down, tie the knot, and raise kids, it will be a vital defence that acts as a financial safety net. Having life insurance will aid your family to be independent after you passed away without worrying about how they can pay bills and finances.
If you search “life insurance” on Google, you’ll get so many ads telling you how cheap life insurance is without even understanding what you need it for. If you have people you care about depending on you, life insurance will provide financial support for them in the event of your unforeseen death.
2. Protect Your Business Continuity Plan
Are a partner to someone’s business? Building a business is not easy, and you and your business partner have worked hard for it. When something unexpected happens to you, it can place your business in a risky situation. Life insurance is there to exist to aid you and your business partner to be secured in your business from jeopardy in the incident of a disaster. Most millennials today are very business-minded, this is why life insurance is a must.
3. Continue Paying Your College Debt
If someone such as your parents co-signs your student loans through the bank, most likely the charge of your debt will be paid by your parents or other people who signed the documents. The bank won’t cancel the debt upon your death that way that the federal government would be doing when it comes to federal student loans. The people who co-signed your paperwork will be responsible for paying your debt in full balance. Life insurance can help not saddling them with the bill.
4. Don’t Buy It Off The Internet
It’s a bad idea to immediately buy it off the internet, especially if you don’t know anything about life insurance. Don’t just click it over Amazon or eBay! Life insurance is an essential financial planning product, and although it can look as easy as a 20-year term policy for lower than a cup of coffee each day, it’s best that you carefully go through different options with a credible insurance broker who can make sure that you are getting the proper and enough amount for the right amount of time and at a price that’s perfect for your budget. A lot of people are not aware of how an insurance agent can help them understand what they should be getting and assist them with no cost.
5. Social Fundraising Is Not a Great Option
Most people think that they can just go to GoFundMe if things go wrong in their lives. Just think about it, is there a mourning person who would want to spend his time managing a social fundraising site? Of course, not. Plus, the possibility of going viral is extremely slim, and some social fundraising sites will only want to take their part, together with the IRS. There is no complete assurance about how much money will be raised. Life insurance is still the surest and safest choice you have here.
6. Pay Off Your Remaining Expenses
In the event of a disaster, your funeral alone can already cost a few thousand dollars. Yes, it’s pretty expensive. Aside from that, you have the loans that you co-signed, and your family will be the one to continue paying them off. Life insurance can help you and your family to financially stretch things out after your passing. This insurance exists to help cover these costs so that you and your family won’t be anxious about it.
7. Now is The Right Time
You might ask, what age should I get life insurance? Or you might tell yourself that you’re still young and there’s nothing to worry about. Take note that you’ll get older, and you’ll never get the chance to be younger than you are today. As a matter of fact, the younger we are, that healthier we are. If you want to get more affordable life insurance, then those are two of the important aspects of acquiring a cheaper rate. So it’s better not to wait. Don’t delay purchasing life insurance.
If you’re interested in getting life insurance today, it’s best that you look for an agent to help you. We recommend using “Agent Locator” to spot a trusted agent you can discuss it with. The answer to your problem is by taking the first step, so go ahead.