Why is life insurance so important to purchase now if you’re a millennial?
It’s hard to think about needing it when you’re young and healthy, but life insurance isn’t a financial issue to put on the back burner. You don’t want to leave your family with financial strain, and getting life insurance is probably much easier than you think, especially if you’re still younger and don’t have serious health issues.
Why get life insurance now if you’re a millennial?
The younger you are, the less likely it is you have serious health issues. This means it’s much easier to qualify for a policy. Since the risk of health issues is lower the younger you are, you do not pose a high risk to the insurance provider, so you should not have any challenges getting approved.
Price is a major factor when it comes to affording coverage, but don’t expect it to get cheaper the longer you wait. You’ll actually pay less for your policy the sooner you apply. If you wait until you are in your 40s, you will see rates rise significantly.
Why not give yourself and your family the peace of mind you need now?
When you know you don’t have the financial safety net a policy provides, you may have unwelcome feelings of stress when you consider your outstanding debts and the future of any children you may have. Life insurance provides valuable assurance that your loved ones will be cared for in the event of your untimely passing.
When you get term coverage at a young age, you have the option to convert it to a permanent policy in the future, securing it at the same rate as you obtained the initial policy. This can offer many long-term financial planning benefits, plus significant cost savings. Even if you encounter health issues down the road, you can avoid the need for medical underwriting and/or higher premiums.
Some young millennials have jobs that offer great benefits, including employer-sponsored life insurance. While you should take advantage of this, it likely doesn’t cover all your life insurance needs. If for some reason you lose this benefit or you develop a condition that doesn’t allow you to work and your employer-provided policy lapses, you’ll still be covered.
Don’t put off getting life insurance because you think it’s difficult and time-consuming, because it’s not! Our team at Four Seasons Insurance can quickly assess your needs, offer a personalized quote and walk you through the process — all it takes is one call!