Millennials and Life Insurance

Millennials and Life Insurance | Journey Financial Group

For you millennials, life insurance is usually the last thing on your mind. You’ve got too many other bills, debts, and other things to worry about to stop and think about life insurance. Besides, isn’t life insurance used for your family when you pass on? So, if I’m a 27 year old single female or male struggling to pay rent, and I don’t have a family to support, why would I need life insurance?

Well, here are 5 reasons:

1.) You still have other family to worry about. If your parents or siblings are still around, wouldn’t they need help financially in trying to pay your rent, debts, and other items you may have outstanding?

2.) Student loans – most of us have them and most of us have no idea when they will be paid off. Just because you pass away, doesn’t necessarily mean they disappear, especially if a family member co-signed for them. Life insurance can help pay off those loans so your family doesn’t have to.

3.) Car washes and GoFundMe campaigns can only pay for so much, and the time and effort it takes to start and manage a fundraising campaign can be exhausting at a time of loss. “Social fundraising sites will take their cut, as will the IRS. And there is absolutely no guarantee about how much—if any—money will be raised.”

4.) Living benefits of life insurance… say what?! Yes, there are many living benefits to life insurance, such as tax-free growth, long-term care, and terminal and chronic illness riders. If you become ill and cannot do 2 out of the 6 activities of daily living, you can access a portion of your death benefit!

5.) You’ll never be younger than you are today so the best time to get life insurance is now! Your rate will be much more affordable at a younger age rather than later. Its never too late to get started!

The last thing to say about life insurance is, don’t buy it online! Talk to a fiduciary advisor or agent today to ensure you are getting the best kind of life insurance that fits your needs! Journey has a team of professionals that can help you, call us today!

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