Being a millennial, investing in something like life insurance is most probably far from your mind. For now, your priority must be saving up for big life decisions such as buying a house or car of your own, starting up a family, or marriage. Exactly all of these things are the reason why you should consider purchasing life insurance.
Here are five important reasons why a now is the perfect time for millennial like you to get life insurance:
The younger you are, the cheaper it is
Being young surely has its perks. Since the risk factors that companies assign you consider the age of the applicant, there is a higher chance for you to be able to get a good plan for a relatively cheaper rate. This is because younger people have a lower probability of being a liability to the insurance company. If you decide to put off obtaining life insurance, you will notice a massive difference between the rates in your thirties or forties.
Built-in Savings options are also available
Most policies, although may come across as pricey, grow tax-free and gains its cash value over time. Insurance companies usually offer two types of plans: endowment and investment-linked policies. Endowments work well if you plan to obtain the money in a certain point in time. Find out more about these policies by talking to a qualified financial adviser.
Ensure the future of your dependents
Your dependents are not limited to your spouse or children. It can also refer to your different family members who depend on you financially. Life insurance assures you that in case of anything grave happens to you, they will still be taken care of. If you leave while still being in debt, at least your family will not be left with a financial burden.
Your company’s plan may not be enough for you
A company’s insurance policy is closely tied to your employer, so if you are working freelance or in between jobs, you may not be protected. Group insurance also tends to be very basic and might not cover a lot. Personal insurance that is tailor-fit to your needs is still the best choice.
Funerals are expensive
A simple funeral might cost you around $6000 to $10000, and someone will have to pay for the bill somehow. Small life insurance can help you with that. With this, your family will have one less problem to deal with.
In your twenties, you start to invest and build up assets you can use in the future. It may still be far from your mind; however, life insurance is something that should be a part of your larger financial plan because it will protect your assets.
At Roper Insurance Services, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (828) 697-6709 or Click Here to request a free quote.