If you’re a millennial, you know what it’s like to have technology at your fingertips— literally. This is the generation that has grown up plugged into the Internet, and many of you have spent the majority of your lives in front of a computer.
Yet IRL (in real life), despite being the most technological-savvy generation, you’re also the most underinsured. Roughly 25% of all Gen Yers (18-29) don’t have health insurance. So it’s not surprising that millennials are also less likely to have life insurance. In today’s blog post, we’re going to discuss the reasons why millennials should invest in life insurance, and three ways you can maximize your policies.
1) Buy your own insurance: If you’re thinking that you don’t need additional life insurance because you have a policy through your job, that’s a costly assumption to make. What happens if you get laid off or fired? Once your position dissolves, so does your coverage, leaving you vulnerable.
We know that since you’re young, you may feel invincible at times (we were young at one time, too), but accidents and unforeseen bad fortune don’t discriminate when it comes to age.
Another advantage of your youth, besides having more energy and bouncing back quicker from a hangover, is the lower rates. The younger you are, the less of a health risk you are, which means lower rates.
2) Cover your funeral expenses now: We know, it’s incredibly creepy to think about your own death at any age, but when you’re young, it’s even more surreal. But there’s one thing about life insurance that you should remember: it’s not for you. That sounds weird, right? You purchase a policy according to your lifestyle, and you alone make the monthly payments.
“Who else is this policy for then?” you may be thinking.
It’s for your family and your loved ones. If you die unexpectedly, your insurance will help them to pay for your final expenses and any final debts you leave behind. So, even if the idea of buying insurance for yourself is laughable, do it for them.
3) Long-term care: It’s never too early to start thinking about getting older. It’s nice to think that you’ll have a family one day and your kids will take care of you, but that may not be a burden you want to put on your loved ones’ shoulders. And if you end up not having children, that’s not an option. It’s up to you to plan for your own future. Whether you want to rock out at home or you want to live it up in assisted living, get the jump on your tomorrow, today.
At IntelliQuote, we know that the future seems a long way out, but just because you’re young doesn’t mean you can’t prepare and protect yourself.
Start your journey towards a better tomorrow, today. Visit our quotes page to get started.