Millennials have grown up with technology at their fingertips and are extremely technologically savvy, despite this they are the ones with the least insurance.
In the US, it is estimated that 25% of 18-29 year olds have no health insurance whatsoever, so it’s not surprising that only a few young adults have life insurance. Here are few reasons why insurance is so important to Millennials and how to maximize the policies.
You may think that it’s redundant to purchase additional life insurance as you already have a policy through your work. While that may seem logical, unexpected events can occur. If you get fired, laid off, or leave, the coverage will dissolve along with your position. With no coverage, you may be left vulnerable.
While you’re young, you may feel invincible because you bounce back from hangovers, falls, and colds. As unfortunate as it is, accidents and unforeseen bad fortune can happen to anyone, at any time. Luckily the younger you are, the less of a health risk you are, which means lower rates!
Cover Your Death Expenses
It’s never pleasant to think about death even when it seems so far off. With life insurance, you aren’t necessarily purchasing it for your sake. Even though it is your policy and you are making the monthly payments, it is ultimately for your family and loved ones. Life insurance covers your funeral costs, final expenses, and remaining debts that you would leave behind if you were to die unexpectedly. This is a true act of kindness as you leave no financial concerns for those you leave behind.
Long Term Care
Time can fly by, so it is never too early to start to think about getting older, and although it would be nice to be taken care of by your family, you may not want to place that burden on their shoulders permanently. Costs of an assisted living home, or at-home care can be significant which is why it is best to get insured as soon as you can.
The future can seem a long way off, and you may choose to put all of these worries aside. However, there is no downside in preparing and protecting yourself.
Learn about your life insurance options today with The Misner Agency, a dedicated insurance agency, or contact us directly!