Updated August 1, 2016 . AmFam Team
As a millennial, you’re probably experiencing a lot of firsts. Maybe you’ve received your first promotion, bought your first home or perhaps you’re even a first time parent. But if you haven’t started thinking about life insurance, it’s a good time for you to bump it up to first on your list of things to do. After all, it’s these years of your life — when you’re young and healthy — that are the best time to make life insurance a priority. Here’s why.
Safety net. You might think life insurance is the last thing you should be focusing on. You have your budget and debts to pay off, right? But, more and more millennials are recognizing the benefits of having the safety net that is life insurance. At this age, you probably haven’t contributed much to a retirement account or built a savings that could take care of your loved ones if you were to pass away. Life insurance offers affordable coverage that can give you peace of mind that you’d be able to financially protect your family in the event of a premature death.
Financial security. You might be at an age where people are depending on you. Whether it’s a parent, sibling, spouse, partner, new baby or a growing family of little ones, others rely on you. So, it’s smart to take proactive steps so that if you were to pass away the financial and emotional stresses of bills, student loans, house payments, etc. are not left for them to handle on their own. Life insurance can give you confidence that those you love will be financially protected in the event of a death.
Sweet savings. Young? Check. Healthy? Check. When it comes to buying life insurance, being millennial-aged can be a huge advantage since you’re more likely to be considered “low-risk”. What does this mean for your wallet? More affordable payments now. If you’re considering life insurance check out why, if needed, you should get your life insurance medical exam now. Due to your age and more likely “low-risk” status you may even be able to skip the medical exam completely!
Personal plans. Is life insurance offered through your work? That’s awesome! While many companies offer fantastic plans, it’s worth digging a bit deeper to see how well that plan actually takes care of you. Many workplaces offer relatively small amounts of coverage that should be supplemented to cover the needs of you and your loved ones. Plus, if you change jobs, you may not be able to take your company plan with you. You’ll definitely want to see what your employer offers, and then calculate your actual life insurance needs to see if you’re sufficiently covered. Find out more about how to calculate how much life insurance coverage you need or use our Life Insurance Calculator (Opens in a new tab) for a quick and easy estimate.
Your American Family agent (Opens in a new tab) is the perfect person to ask for smart, honest advice on what makes sense for your ever-evolving life and dreams. Take a look at some more info about our life insurance coverages — because making life insurance a priority is a great way to proactively protect the ones who matter most.