Millennials: Why You Need Life Insurance Today

Understanding the importance of life insurance now, at the start of your adult life, can help you build a solid foundation that can have significant returns in the future as your needs continue to change.

How do you feel about life insurance?

According to a 2018 study by LIMRA, there are some significant trends in how Millennials view their finances. Do any of these sound familiar?

• Many millennials view life insurance as a huge cost, but they actually tend to overestimate the price – sometimes at over five times the actual cost
• Millennials often cite living expenses such as a mortgage, groceries, and electricity as top financial priorities – but may not realize life insurance can help protect these important needs
• Four in ten Millennials believe that they would not qualify for life insurance coverage

The Digital Generation

As you’ve probably heard before, Millennials are considered to be “digital natives,” that is, technology has always been a significant part of their lives. One area that this has shaped significantly for Millennials is shopping. It’s not uncommon for Millennials to go online to look at price comparisons, product information, and consumer reviews before taking action on a purchase or service.

That doesn’t mean you have to go at it alone when looking for life insurance coverage! It can be very helpful to seek out experienced advice from a qualified life insurance agent to guide you through the abundance of information available. They can help you find the coverage that fits your needs and budget at this stage of life.

The Changing Lives of Millennials

A common myth is that Millennials aren’t settling down. However, many Millennials are preparing to get married, buy a home, have children, and are in a stable place in their career – all of which are important reasons you might need life insurance now, while you are young. Life insurance coverage tends to be less expensive for younger, healthier individuals – setting you up for saving on your premiums!

So don’t delay, get a quote or talk to an agent today and get started on the right track.