May 11, 2018 // All General
When looking at their budgets, those in Generation X cite saving for a comfortable retirement, health care costs, and paying off credit card debt as their most significant financial priorities, according to the 2018 LIMRA Barometer study.
If you are in Generation X, this data can provide an idea of where you might be in life — but what are your personal wants, needs, and concerns when it comes to your expenses and how you view life insurance?
Many Gen Xers have employer-sponsored life insurance coverage in place. In fact, according to LIMRA, a quarter (25%) of the Gen X population says that their only life insurance coverage is a group life insurance policy sponsored by their employer.
While it is a valuable benefit provided by many employers, did you know your workplace coverage is generally not portable? That means if you change jobs, your coverage will likely not go with you. It also may not be enough coverage, depending on what you’re hoping to help protect.
Some things you may want to think about with your workplace coverage:
If you’re a Gen Xer shopping for life insurance today, you’re in luck! You have many options, depending on how you’d like to buy coverage. There are also many great tools available to help you analyze your personal insurance needs.
If you’d like an independent shopping and purchasing experience, you can apply online in minutes. It’s extremely convenient, but there are often limits on how much coverage you can apply for this way.
If you would prefer higher coverage amounts or are looking for a little more guidance through your options, you can work with an agent to apply.
Keep in mind that rates tend to be lower for younger, healthier individuals – so applying for coverage now is likely to pay off in the long run.
Understand how you’re covered through work, the difference between group, voluntary and individual life insurance explained
Protecting your child is a job - and that extends into their financial lives as well.