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Learn more about life insurance with these useful materials
 


Life Resources


Learn more about life insurance with these useful materials
 

June 11, 2022 // All Resources // Personal Finance

It’s Time for Millennials to Get Life Insurance

“I can’t adult today” is an expression that many Millennials have heard friends say, seen as a slogan on a t-shirt, or perhaps uttered themselves (maybe even multiple times in the same week).

While the sentiment strikes a chord with many, the reality of the situation is Millennials now comprise the largest percentage of the country’s workforce1, and are in the prime window for “peak adulting” – that is to say, getting married, having children and, of course, committing to 30 years of debt with a new mortgage.

But another adult decision that it’s time for Millennials to put some serious consideration into is life insurance. Unlike the aforementioned weddings or additions to the family that take months of planning and adjusting to, once you know what you need, signing up for a life insurance policy is a process you can get started in a matter of minutes.

No Better Time Than Now

According to an annual study from the Life Insurance Marketing and Research Association (LIMRA), Millennials ranked most in need of life insurance in 20222.

Now would be the ideal time for Millennials to sign up for life insurance, though, as insurance is generally cheaper for younger, healthier individuals – the right policy could result in saving significantly over the coming years.

Additionally, for those who receive life insurance through their employers, it’s important to examine if that amount would cover what you want it to cover in the event the policy is needed, meaning funeral costs, future college tuitions for your children, monthly living costs and any other outstanding debts. Most people find that the additional coverage gives them added peace of mind that they are securing their family’s future for the road ahead.

Be Kind to Your Budget

That all sounds good, but can you afford it? Another takeaway from LIMRA’s 2022 study was that Millennials were the most likely generation to overestimate the cost of life insurance – by an average of $1,000 per year.

It varies based on policy, but many options would be cheaper than what the average American household spends on movie/TV streaming services ($55/month according to J.D. Power3) or a typical monthly internet bill, which Nerdwallet estimates to be around $47-$69 per month4.

Let Us Help You

If any of this still gives you those “I can’t adult right now” vibes, don’t worry. AAA Life employs qualified life insurance agents who can walk you through every step of the process and find the best option for your needs and budget. Or, if you’re ready to get started now, try an instant online quote.

 

 

1 Fry, Richard. Millennials are the largest generation in the U.S. labor force. Pew Research Center. April 11, 2018.

2 2022 Insurance Barometer Study. Life Happens and LIMRA. April 25, 2022.

3 Greenblatt, Ian. Despite Return to ‘Normal,’ People are Spending More Time and Money on Streaming Services Now than During Height of Pandemic. J.D. Power. Aug. 5, 2021.

4 Bundrick, Hal. How Much Is Internet per Month? Nerdwallet. March 30, 2021.

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