Millennials are known to do things a little differently than other generations. You may have heard; millennials have killed voicemail, marriage, and other things that don’t fit their digital-first, savvy-consumer lifestyles. A large part of the savvy-consumer persona is around their desire for full access to brands and creating connections to those brands. Life Insurance policies can be a little difficult to connect to, and the information may not always be straight forward enough to grab millennials’ attention.
So, with that in mind, we have some hassle-free information for the millennials amongst us who may have some questions around life insurance.
Where do you buy life insurance?
Before you start looking it’s worth checking whether or not your workplace offers life insurance. While this may be an easy option, keep in mind that if you leave that job that insurance will be null and void. If you are not covered through your workplace, you can go to directly to a life insurance company and shop their policies, or you can speak to an insurance broker (Hi, there!) and get a look at all the policies available rather than just from one company.
When should I buy life insurance?
A good question to ask yourself when you’re considering buying life insurance is “if I were to die tomorrow would my family be worse off financially?”. If your parents have co-signed a loan, or if you have student loans or a mortgage life insurance can ensure that the financial burden does not fall on your family’s shoulders. So, if when you ask yourself the question of if you die tomorrow would your family be worse off financially and the answer is yes, then it is time to get life insurance. Additionally, getting coverage when you’re young and healthy is always a good idea as your premiums will be lower.
How much life insurance do I need?
To determine how much money you need ask yourself how the money will be spent. Do you want the policy to help pay off your funeral costs? Or do you have a mortgage that you want to cover? Do you have children who are financially dependant? If so, do you want there to be money to cover their education? Or are you just hoping to cover day-to-day costs such as childcare for a certain period of time? Getting clear about the above questions will allow you to ensure your family doesn’t have to worry about taking on the financial burden after you pass.
So, there you have it. All the things millennials will need to know about life insurance. Ready to get the right policy for you? Give me a call for a free no-obligation quote.
Are Millennials Buying Life Insurance?
The simple, yet surprising, answer here is: yes and according to our research, they are buying it at higher rates than expected.
