Young people might not want to admit it, but they need life insurance. This is a touchy subject, especially as the job market is tight and millennials are trying to stretch every dollar as far as possible. One recent survey found that people under 30 were more likely to lack things like health and life insurance than older prospects.
There are a number of reasons why millennials need coverage, but here are a few things we want to point to young people in need of insurance.
Perhaps the most obvious reason for needing coverage is funeral costs. Young people probably aren’t thinking about death, but it’s never too early to make sure your final expenses are squared away. Funerals can run upwards of $10,000. Somebody has to pick up the tab. You don’t want to put your family in a position where they are stuck paying for your funeral.
Millennials are young, so the time to buy insurance is right now. Insurance premiums are based on your age and overall health. If you get insurance now, you will pay less than when you are older. Lock in a low rate now and you’ll be glad that you did later in life.
Even though many people are having children later in life, when you have kids you should also have life insurance. Show your family that you care by making sure they will be taken care of should something happen to you. It’s the smart thing to do.
LIMRA research found that 34 percent of millennials, who are 18 to 34, own life insurance. There is a huge need for coverage based upon this finding.
While millennials are interested in life insurance many don’t realize the importance at this time in their life. It is important to recognize the value of having insurance now through the above points, the high likelihood to obtain coverage, and the ability to get a highly competitive rate.
To obtain a quote or get in contact with our licensed insurance agents who can help you consider the above points, how life insurance is beneficial at all ages, and what types of life insurance are appropriate for you, your age, and situation – Simply fill out our quote form at the top of the page!