Millennials are also known as Generation Y. One of your characteristics is being frugal. You prefer to spend on experiences, food/drinks, eating out, concerts and wellness. Because you are single, young and healthy you don’t consider buying a life insurance. However, there are lots of valid reasons why you should consider buying a life insurance policy.
- YOU HAVE DEPENDENTS
Life insurance is not for you but for those you love that will be left behind. Dependents don’t necessarily mean your spouse or children but anybody that depends on your income like your parents, siblings with special needs, grandparents and other.
If you have a dependent on a long-term care situation either due to disability or old age life insurance policy could be a big help.
- YOUR PREMIUM IS CHEAPER
Insurance premiums depend on age. It is based on risk calculations on mortality. Millennial in good health has a lesser risk for the insurance company. Lesser risk means lower insurance premiums.
A 20-year-old will have a lower premium as compared with 30 or 40-year-old applicant. Aside from saving on premium, you will have a bigger savings (investment part of some insurance policies) because you started early.
- YOU WANT TO SUPPLEMENT YOUR COMPANY INSURANCE
A company backed insurance is a company’s prerogative. Not all are lucky to have this privilege.
Company insurance provides peace of mind but this is only temporary. This is only in effect as long as you are connected to the company. Once you are out it is gone. You may want to consider buying your own life insurance that can help you in case of accident or when you acquire a critical illness.
- YOU WANT TO SAVE
If you are keen on saving for your future, think of life insurance as an added vehicle to save. Try to consider buying a life insurance that not only has a death benefit but with investment component as well.
The fund value from the investment part of your insurance can be used for a lot of purpose such as education, down payment for new house or car, vacation or retirement. Fund value depends on your insurance policy
- YOU WANT YOUR DEBT AND FUNERAL EXPENSES COVERED
If you don’t want to burden your loved ones for your funeral expenses and incurred debt, then you should consider buying a life insurance. Proceeds from your life insurance can cover your funeral expenses and pay off your debts. (Depend on your policy coverage)
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Disclaimer: This website reflects only the views and opinions of the author and is not part of any official communication tools of any life insurance and investment company. The views and opinions on this website do not necessarily reflect those of the company, the management, the advisor/agents and the employees of any insurance or investment company.