If you’re in the 30-and-under crowd, odds are you’re not spending a lot of time meditating on the possibility of an untimely death. After all, you’re in the prime of your life! Why worry about something that may not happen?
However, there are several compelling reasons why even Millennials should think about getting a life insurance policy. It’s not morbid to discuss this; rather, planning ahead can save your family from a lot of problems in case something should happen to you. Here are 5 key reasons why you should obtain life insurance:
1. It’s Dirt Cheap
Listen, let’s be real here: a 25-year-old in excellent health will not have to pay the same life insurance premiums that a sickly 75-year-old will. Most term life insurance policies are dirt cheap for Millennials.
For instance, one woman in her 30s purchased a life insurance policy for $150,000 over a 20-year term. Our monthly cost for that policy is less than $10 a month.! $500,000 for a 30-year-old female starts at $16.68 a month. Even whole life insurance policies are relatively cheap for healthy Millennials.
When you think about the potential benefits of a life insurance policy compared to such a small cost, it’s no wonder that many Millennials are eager to jump aboard that train!
2. It Can Protect Your Parents
Many Millennials are loaded down with student debt and are working hard to pay it off. In a lot of cases, their parents have helped out by incurring some debt of their own.
For example, if you are helping your parents pay off a PLUS loan and something happens to you, then they’ll remain liable for the entire sum. Or maybe you’re helping your parents out in other ways, and they would be put in a very precarious situation in the event of your death. Whatever the case may be, a robust life insurance policy will ensure that they won’t be consumed by financial worries if anything unexpected were to happen.
3. It Can Protect Your Spouse and Children
If you are married, then you want to make sure that your spouse is well taken care of in the event of your death. And if you have children, then no doubt your concern for them is even deeper.
A life insurance policy can help your spouse to weather the financial storm that could come from the loss of household income, or the need to relocate. And life insurance can also protect your children’s future by ensuring that money will be put away for their education in the event of something happening to you.
Even if you don’t want to start a family right now, it’s important to plan for the day when you do have others to care for. Life insurance should be included in such plans.
4. Your Employer’s Insurance May Not Be Sufficient
If you work for a company that offers a highly competitive benefits package, then perhaps you are already covered with some life insurance. However, it may not be enough to care for your family’s needs in case of your untimely death. Thus, it’s important to understand exactly how much your employer’s policy insures you for, and then explore other options if it is inadequate for your needs. Buying your own life insurance means that you own it and get to keep it even if you change jobs.
5. Funerals Cost Money!
It’s no secret that funerals can get real expensive, real quick. The casket alone could cost anywhere from $2,000 to $10,000!
With a robust life insurance policy in place, your family will be able to afford a tasteful funeral service according to your wishes and theirs, without scrambling around to pay the associated bills.
The bottom line is, even though life insurance may not be top of mind for every Millennial, it is an important way to ensure the best possible future for your family in case something happens to you. If you have life insurance questions or any other insurance-related inquiries, reach out to our team of experts at the Rue Crew for more information.
