Whatever your perception may be about the generation known as "Millennials," they are already a force to be reckoned with in America. According to the Pew Research Center, Millennials surpassed Generation Xers last year as the biggest portion of the U.S. workforce with about 75.3 million people.

It's true that Millennials have grown up with advantages that past generations didn't have (such as the Internet). But like all those who came before them, Millennials - who are defined by Pew as 18-34 year olds as of 2015 - are experiencing various issues, challenges, and options for the very first time in their lives. One of those decisions revolves around preparing for the end of their lives - by obtaining life insurance to protect their loved ones.

Millennials: Unfazed, Unstoppable ... and Uninsured

Unfortunately, most Millennials do not have life insurance. A Princeton Survey Research Associates International study revealed that only 36% of 18-29 year-olds are protected by a life insurance policy. When asked why, Millennials tend to give one or more of the following responses:

• I'm healthy, so I don't need it.
• It's too expensive.
• It's too confusing.
• I'm single, so no one else is depending on my income.
• I don't need it until I get older.
• Instead of life insurance, I'm putting my money into savings and investments.

Millennial Life Insurance: A Necessity, Not A Luxury

However, financial experts agree that every adult, no matter what their age, income, or marital status, should acquire some type of life insurance policy. Here are five important reasons why:

1. No one is invincible. Even people who exercise, eat a balanced diet, and avoid smoking, drinking, and drugs are vulnerable to calamity. For Millennials, motor vehicle accidents and homicide are the two leading causes of death.
2. Funerals are not inexpensive. The National Funeral Directors Association says that the median cost of a traditional funeral is over $8,500 (with cremation, it's still $6,000). Not everyone has that kind of cash available on short notice.
3. Consumer debts don't just disappear. When people pass away, their debts from credit cards, private student loans, and mortgages will not be forgiven. If creditors try to recoup their losses by seizing the decedent's assets, there may not be much money left over to pay for funeral costs or to surviving loved ones.
4. Employer life insurance may not be adequate. Not only does that coverage vanish upon changing jobs, but the death benefit offered by many of these policies may only be between 100% and 300% of the worker's annual salary - which can be eaten up by consumer debt very quickly.
5. The younger the person, the cheaper the life insurance will be. Generally speaking, Millennials are healthier and have fewer pre-existing conditions than their middle-aged or elderly counterparts. Since life insurance providers charge lower premiums for people who are less likely to pass away, young adults tend to pay the least for life insurance.

Whole Life vs. Term Life Insurance

There are two basic types of life insurance: whole life (sometimes called universal or permanent life) and term life insurance.

Whole life insurance provides continuous coverage throughout one's lifetime as long as premiums are paid. They also accumulate cash value over time, though it usually takes at least 20 years to realize any sort of acceptable rate of return. It's attractive for some people because it provides a guaranteed source of income which can even be borrowed against by the policyholder.

Term life insurance is simply coverage that is provided for a defined period of time - say, until a certain age or for a specific number of years - during which a decedent will receive a predetermined payout amount. Term life is much cheaper than whole life insurance, with policies ranging from just $10 to $20 a month; plus, they can be renewed before or at the time of expiration.

Compare Life Insurance Policies with IntelliQuote

This is all you need to acquire a life insurance policy.

With all of these choices available, it's up to each individual Millennial to decide what life insurance policy is right for him or her. They should ask questions like, "Which type of policy is best for me?" "How much coverage is enough?" and "Where can I get the best rates for affordable coverage?"

Answers to these questions and more can be obtained from IntelliQuote. After you enter some information into the website, you'll receive a quote for life insurance coverage. Then you can speak with an experienced IntelliQuote associate who can help guide you toward the life insurance policy that best suits your needs.

Millennials: no more excuses. Protect yourself, your assets, and your loved ones by contacting IntelliQuote today so you can compare life insurance options!