Why Do Millennials Need Life Insurance?

Let’s talk about it

What is the best way is to discuss this important topic without immediately turning off my audience? I know that being a millennial myself, I take offense to condescending sales pitches. Nobody likes that. If you’re anything like me, you’re browsing your social media accounts, watching Netflix and carrying on a conversation with someone all at the same time. We love technology, multitasking, and Netflix (but seriously, though). If you want to reach a millennial, you’re going to have to skip the newspaper ad or TV commercial (what are those?) to sell life insurance, and find me online. Oh, and make it quick, because I’m busy!

Get ‘er done

It’s been said that millennials are the most uninsured generation alive today.[1] I remember a few years back, when my sister (who was an insurance agent), asked me about getting a life insurance policy for me and my husband. I was in my mid-twenties, and I had two thoughts run through my head: #1, isn’t life insurance for people who are in their 40’s or older? #2, I was somewhat relieved that she brought it up so that I didn’t have to. The process was quick and painless (minus the quick needle poke for the blood test!) and I was so at ease once the policy was in place. “Why was I so freaked about getting life insurance?” I remember thinking, after it was so simple to procure.

Is now a good time for you to get life insurance?

  1. Are you young and healthy? Then now is the perfect time to apply for life insurance because you’ll lock in a very affordable rate. Every insurance company understands risk. A healthy millennial is a low-key risk, especially if they’re a non-smoker with little to no preexisting conditions. If you qualify for the best rating, you could pay less than a dollar a day!*
  2. Does anyone financially depend on you? If you were to pass away tomorrow, would it leave your significant other, spouse, or children in financial distress? How would their lives be affected if your income was out of the picture? Even if you’re a stay-at-home parent, your spouse would have to pay for someone to care for the children, which is very costly.
  3. Do you have any debt? There are certain types of student loans that would be waived if you passed away. However, if your parents co-signed on a student loan, car loan, or credit card, then they could still be on the hook even after you’re gone. If your parents put them self in financial hardship in order to send you to college, then think of the financial burden you would relieve by naming them as your beneficiary.
  4. Do you have a policy through work? While it’s great if your employer provides a life insurance policy for you, it most likely ends when your employment does. Meaning, you can’t take it with you. Is it enough? Typically group life insurance policies are not enough to cover some of the exposures we previously outlined.

Today is the best time to get life insurance.  After all, you’ll only be older tomorrow.

Is this something we should talk about?

If the answer is yes, then let’s talk. Don’t stick your head in the sand when it comes to life insurance. You can’t buy life insurance too early, but you can buy it a minute too late. #youwontregretit

*Premiums depend on a variety of factors. Speak with an agent to get a personalized life insurance quote to determine your rate.

[1] http://time.com/money/3178364/millennials-insurance-why-resist-coverage/

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