How Life Insurance Can Help Millennials Plan Financially

How Life Insurance Can Help Millennials Plan Financially

Here’s why millennials should consider life insurance for financial security.

Young adults, specifically millennials, are often not concerned with life insurance. After all, what young and healthy person wants to think of their untimely passing? They often are under the misconception that life insurance is for those with large families and huge financial responsibilities. Little do they know that life insurance is a critical part of financial planning. Before you put life insurance on the back burner, check out how it can help you plan financially.

Funerals are expensive. The average funeral costs between $6,000 and $10,000. Even if you plan for a more non-traditional funeral like an end-of-life party, someone will have to foot the bill. A relatively small life insurance policy can help do that.

You don’t want to leave your family with debt. It’s no secret that today’s grads are burdened with record-breaking levels of student loan debt. If something were to happen to you, it could fall entirely on your parents to pay off those debts. If you co-signed on a loan, too, you are still responsible for that debt. You don’t want to leave your partner or parents in a financial bind.

Some policies offer built-in savings. While term insurance can be a smart coverage choice for millennials, whole life insurance grows tax-free and accumulates cash value over time. You can then borrow against that cash value down the road. The life insurance policy can act as a savings vehicle with relatively low risk, too.

It’s cheaper to get it now. Life insurance premiums are based on several factors, age and health being two of the most important ones. Simply put, the younger and healthier you are, the less you’ll pay for coverage. You can lock in a low rate now so you save money along the way.

Find the right life insurance policy to suit your needs, budget, and family by contacting the team at All Nevada Insurance today!

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