The younger you are, the harder it is to actually consider your own mortality. It’s only natural. We all feel invincible as teenagers and only start to grapple with life’s realities in the decades to come.
On the one hand, this is how we get extreme sports. Only the young have that type of courage. But it also leaves us vulnerable to overlooking the potential for tragedy in our younger days.
Millennials are not all young anymore of course. But many still haven’t seriously thought about the worst-case scenario and what would happen to their families and next of kin if an accident or other health issue took them away.
Fortunately, life insurance is available at any age. And the following three reasons highlight exactly why Millennials should investment in a life insurance policy today.
It’s Security
Once you integrate your life with a spouse or partner, you will come to depend upon one another. First and foremost, this is hopefully an emotional, romantic, and intellectual bond that develops and blossoms over time.
But there is a financial component as well. And if you are a primary earner in the household, your family will suffer in more ways than one if tragedy strikes and you are taken away from them.
This is the crux of life insurance. Depending upon the policy and your risk level, you can generally secure great coverage that will leave them very well protected if you die. And given the relatively low cost — especially when offered through credible, top-tier providers — you can obtain this type of security quite easily.
Peace of mind is a rare thing in this world. But life insurance policies are one of the few great ways to actually get it and know that your family will be financially safeguarded if the worst happens.
It’s Responsible
Since many Millennials are still just entering the work force, they may actually not have dependents relying on them for financial support. If you don’t have a family of your own yet, there isn’t a spouse and or child relying on your income should a horrific accident or medical calamity occur.
So who needs life insurance? Well, while that may be the prevailing view of why life insurance is needed, it is somewhat misguided. Even in a “best case” death, there are still funeral and other end-of-life costs, which could include significant medical bills. You may also have debts or other outstanding bills that may become the responsibility of your parents or siblings.
Yes, some types of financial obligations do disappear after you die. But others do not and some fall into something of a gray area that will force your next of kin to at least talk to an attorney or otherwise deal with creditors just to clear the paperwork.
And all of this becomes a lot less of a burden for your loved ones if there is a fund left behind to deal with this. They will already be distraught and coming to terms with a wide range of terrible emotions. Nothing will make up for the loss, of course, but it will become a little easier to handle the logistics if they have some extra resources to help with the details.
It’s Cheap — Especially Now
Compared to other major types of insurance — especially health insurance and car insurance — life insurance is remarkably cheap. As a rule, this is generally true almost across the board no matter who you are or where you live.
But life insurance premiums tend to cost less the younger you are. The logic is obvious once you think about it: Younger people, especially in their 20s and 30s, don’t die nearly as often as people in their 60s and 70s. Without going into too much detail, this is all factored into the actuarial analysis and underwriting tables that insurers use to set the cost.
The result is very low-cost premiums for people who statistically and demographically have a low risk of death. And it means that Millennials are in a perfect position to obtain a great, comprehensive life insurance policy now without paying nearly as much as their parents have to for the same coverage.
Getting the Best Life Insurance Coverage
Life insurance is a worthwhile investment at any age. Accidents can always happen — no matter how young and healthy you are. And while you can always work with personal injury lawyers to claim in the event of no-fault accidents, this might not always be enough to cover your needs. This is the key reason why every Millennial should look to secure a policy today.
You get security, you get to be responsible, and you get a great rate. Combined, this is exactly why you’re never too young for the right policy. Remember, life insurance isn’t just for the senior citizens.
