May 11, 2022 // All General // Statistics
There’s no one-size-fits-all solution when looking at the needs of Generation X and their life insurance policies.
After all, while some members of the generation could be looking into retirement in the near future, others may have young children at home, or more recently achieved professional goals they set out to accomplish when they began climbing the career ladder.
It’s a wide range with an even wider array of needs. However, a life insurance policy is a smart decision that most likely applies to your specific situation.
Whether you’re planning to retire in the next few years, still have kids living in the house with years of college tuition checks still to come, or anything in between – now is the best time to act to help protect the futures of those that you care about.
A 2022 study from the Life Insurance Marketing and Research Association (LIMRA) indicated that 49% of Gen Xers reported financial insecurity – higher than any other generation1. Whether or not that applies to your situation, consider what life insurance can help pay for. It can range from more significant expenses like funeral costs, medical bills that may not be covered by health insurance, to monthly household bills like utilities and groceries that may be more difficult to cover without your income.
Keep in mind, insurance rates tend to be lower for younger and healthier individuals, so this may be the best time for you to capitalize on the options available to you and take the next step in your journey to financial security.
If you already have a life insurance policy, that’s great! It’s a good financial practice to periodically review your policy and make sure it is still the best fit for your lifestyle. If you signed up for the policy many years ago, consider how your situation may have changed: maybe the four years of college you planned for is turning into more than that with a child pursuing an advanced degree, or you have new debts from loans taken out for home renovation. Reviewing your policy today could minimize the financial burden others may feel should something happen to you.
Maybe financial security is not a concern for you and college costs, mortgages and other debts are nearly paid off – a terrific position to be in. Life insurance can also help you leave the legacy you want to leave. In addition to setting aside whatever money your loved ones may need, you can make contributions to the charities and causes you are most passionate about.
AAA Life makes it easy to get more information, with an abundance of articles on the Life Resources page on aaalife.com. Our articles cover a wide variety of topics and can help you understand the options that you have to find the right fit for your specific situation.
1 2022 Insurance Barometer Study. Life Happens and LIMRA. April 25, 2022.
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