6 Reasons Millennials Should Buy Life Insurance
Many Millennials are delaying traditional life experiences that 20 and 30-somethings in the past would have already achieved such as getting married, buying a house or starting a family. We have a lot of goals we want to achieve including paying off student loans, saving for retirement or starting a business and they may be all the more reason to consider life insurance. And many of us are starting to hit the traditional life milestones as well. Now is the time to consider life insurance while we are young and healthy.
6 Reasons to Consider Buying Life Insurance Now
Because you are younger and (hopefully) healthier then you will be in the future, life insurance may be cheapest now.
Should the worst happen, it can help cover burial and other final expenses.
Insurance can help your family replace lost income.
If you own a home, the insurance proceeds can help pay for home expenses.
Insurance can help protect co-signers of loans. Many Millennials have student loans and although federal student loans are discharged upon death, private loans are a different story. If a parent or spouse co-signed the loan, they may be held accountable for the remaining balance.
If you are starting your own business or joining a small business, a key-man life insurance plan may be a way to protect your business. This type of policy covers the lives of essential people in a business. It can provide the business with funds to recover from the loss of an owner.