The millennial generation — individuals born between 1980 and 1995 — tend to face a tougher financial climate than other generations. They came of age during a financial crisis, often leading to a lack of employment opportunities. Add a crushing student loan debt burden, and it should come as no surprise that many forgo adding the cost of life insurance to their spending. However, that can be a huge mistake. Here are a couple of reasons why millennials should have a life insurance policy in place.
Life Insurance Can Be Affordable
Life insurance for millennials is more affordable than you might realize. Plus, the earlier you purchase a policy, the lower your premiums will usually be. That means that you might not have to stretch your budget as far as you think to make a sound financial decision.
The Right Policy Protects Your Assets
If you were to die tomorrow, would your family be able to cover their bills? Could they pay off your shared debts, such as a mortgage or car loan? Having a life insurance policy in place protects them from the potential consequences of default on these obligations.
Millennials should consider purchasing life insurance. It offers financial security for loved ones and can help them avoid taking on your debt after you are gone.