There are many misconceptions about life insurance – who it’s for, and who can afford it are some of the more common.
50% of Millennials guessed the yearly cost of $250,00 term life insurance policy for a healthy 30-year-old would run at $1,000 or more yearly when it is actually closer to $160.00 per year for a 10-year-term.
Source: LIMRA
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Top Reasons why Millennials need Life Insurance.
1. It is Cheaper
Life insurance premiums are based on several factors, including your age and overall health. It stands to reason that the younger you are, the less you’ll pay for coverage. If you wait until your thirties or forties to buy life insurance, you’ll see the monthly cost jump significantly. Purchasing a policy now at lower rates can save you money along the way.
2. Personally owning your mortgage insurance
Personal life insurance can perform a similar function for you but isn’t tied to just covering your mortgage. It’s designed to provide your beneficiaries with money in the event of your death. Its flexibility allows your beneficiaries to use the money for whatever purpose they wish.
3. Funeral Costs Increasing
Funerals are becoming more and more expensive. On average, a funeral can cost $5000 for a basic one and $7000 – $10,000 for Burial costs. If you have life insurance coverage, you can relieve your family of the financial burden of an expensive burial.
We can help you understand your Insurance needs, review any policies you currently have and shop the market to get the best deal for any new products you may need. Please call us to discuss your situation today.
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