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Should Millennials be thinking about Life Insurance?

By Byron Udell | January 23, 2015

I’m by no means a millennial, but I have three children who are.

With #hashtags, smartphones, and social media to go with school and work and everything else, these young adults lead lives that are absolutely jam-packed with things to do.

Among all of the hustle and bustle that defines their generation, do they have time to think about life insurance?  Perhaps a better question is whether, at this point in their lives, they should be even thinking about life insurance.  If you have someone depending on you financially—say a spouse or partner or fiancé or child—you NEED life insurance.  It doesn’t matter how old you are—you HAVE to HAVE IT!

And I believe all young adults should at the very least consider getting coverage sooner than later.

The irony, when it comes to this topic, is that some excuses for NOT getting life insurance are in fact the very reasons these young adults SHOULD get covered.  For example, “I’m young and healthy; I don’t need life insurance.”  Fact is, you should look to buy life insurance BECAUSE you’re young and healthy (which, as we know, brings down the price).

Then there’s this argument:  “I don’t have anyone I need to take care of except myself; why do I need life insurance?”

Fair enough, but I would point out to young adults that, while that may be the case now, what about down the road?  Does he or she plan on getting married and having children in the future?  If the answer is yes (and it often is), then getting coverage NOW (again, while they are YOUNG and HEALTHY) will save them money.

Remember, the two biggest factors when it comes to determining your life insurance rates are age and health.  You’re never as young as you are TODAY, and in most cases, you’re never as healthy as you are today (even if you’re single now, wouldn’t it make sense to at least consider buying coverage because you’re healthy?  What if later in life, when you have people depending on you financially and you really NEED life insurance, you are forced to pay more because of your health?  Or even worse, what if you’re not eligible at all!?!).

And lastly, millennials—as well as other generations—will incorrectly argue that life insurance costs too much.  That’s simply not true.

Life insurance delivers dollars for pennies, and the product does so at the exact moment those dollars are needed most.  And even better, you aren’t spending too many pennies to get coverage.  A millennial can get a good amount of coverage for less than $250 per year.  That’s less than a dollar a day!  With rates that low, young adults can get life insurance AND keep paying off student loans.  Win-Win!

So the answer to the question—Should Millennials be thinking about Life Insurance?—is a resounding YES!  Millennials should think about life insurance.  And then head over to AccuQuote.com and let us shop around for you.  We just need some basic and quick information and we’ll start walking you through a pretty big—and important—decision.

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