Today’s Question comes to us from a Millennial- why should I consider Life Insurance?
There is a large stigma surrounding millennials and finances, so it is safe to assume that with the amount of financial responsibilities they face, Life Insurance may not have been in the picture. Now, I am not a millennial, but I can take a stab at the question and provide an answer based on what I have seen from a plethora of clientele.
Life Insurance is going to pay off if the person passes away. This is less important to someone without dependents, but it is a still a good value for young individuals. A lot of young adults do have dependents and some form of debt, whether it be from tuition or various other forms of loans. Life Insurance can cover that existing debt and ensure their dependents are taken care of if you pass away.
Another advantage of taking out a Life Insurance policy at a young age is the cost, which is typically a lot lower the younger you are. This is especially useful if you are looking into a Permanent Life Insurance Policy where the cost is going to remain level for live and provide you with life time protection.
What millennials really want to look at are their priorities and finances; where and how does Life Insurance fit in with ones overall budget and financial plan. It is best to work with a broker who works with all the different companies and has extensive knowledge on the ins and outs of how Life Insurance works. This will allow an individual to discover and research various policies in order to find one that best suits their financial and situational needs.
More Life Insurance Questions? We have more answers here!
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