There’s always time, right?
That’s not always the case. Millennials have student loan debt, medical insurance, rent, utility bills, and not to mention, many concerts to attend. You want to travel and go to the new Vietnamese restaurant that opened up in the city and live the work hard, play hard lifestyle.
You have a lot of financial priorities right now. In your eyes, life insurance is not very high on that list. But, I have a few ideas about why you should consider it to be one of the highest priorities—and these ideas will actually save you money.
Save Your Family From Drowning Debt
Student loans don’t go away when someone passes. Sally Mae will come after someone, and sometimes that ends up being your parents or your spouse. If your parents took out a loan for you while you were in college, but you’re making the payments, they will be stuck with that loan if something happens to you. Similarly, if your partner cosigned a loan with you to help you get approved, they will be responsible for paying back that money.
Take Care of Your Children
Have you already started your family? Congratulations! Life insurance ensures that your precious ones are taken care of in the event of a tragedy. They can be covered for years, and you can even make sure they don’t have to worry about paying for college. Life insurance is especially helpful if your partner or spouse is a stay-at-home parent. If you’re the main financial provider for your family, your spouse won’t have to worry about rushing to find a job in order to keep up with bills and take care of the kids.
Pay Less in the Future
The longer you wait, the more you’ll pay, unfortunately. Your life insurance premium in your late 30s and 40s is much higher than the one you’ll get while you’re in your 20s and early 30s. Insurance companies consider health conditions a risk. The way they look at it, you’re less of a risk when you’re young and healthy. Therefore, your premium would be much cheaper than when you’re older and more prone to develop certain health conditions. Even if you don’t currently have children, you can lock in a cheaper premium before you get older and decide to expand your family.
Funerals Are Expensive
This is another way life insurance protects your family’s finances. Even the most modest funerals can cost $10,000 or more due to burial and casket costs. Having life insurance ensures that your family doesn’t have to worry about putting that large amount of money together, especially during such a difficult time.
Your Employer’s Insurance is good but probably inadequate.
Everyone has different responsibilities in their lives, which is why there are so many options for your life insurance policy. If you don’t have children but own a home, and your coworker has two kids and pays rent, your life insurance policies should look very different. But they won’t if you stick with you’re employers choice. In almost all cases, your employer’s group coverage is your lowest cost for coverage. It’s typically designed for a minimum benefit, not for a proper amount of protection for your individual needs. Better to view it as a good starting place. If you would like to make sure your employer’s policy is adequate for your lifestyle and goals, we can review your policy and guide you in the right direction.
The insurance world can be difficult to navigate. Without a clear understanding of their current plan, it’s difficult to be certain that your clients have the right coverage. If you’d like to take a closer look, you’ve come to the right place. We can answer your life insurance questions and provide the clarity you need to sleep easy. Learn more about our services or join our newsletter today. To contact us, click here.
