Millennials find themselves in the stage of life that may require them to purchase their own insurance. After having aged out of their parent’s insurance coverage, both car and health, coverage needs may not be as black and white as one might think.
While some millennials are deciding to put off getting married or purchasing a home, life insurance is important, no matter how old you are. For a millennial, it may also save you money on a policy in the long run, especially since you are younger and presumably in good health. It is especially important if you have children.
Life insurance can help your family cover unexpected costs in your absence. In addition, if you have children, a life insurance policy can support their education or childcare expenses. A whole life policy can accumulate a cash value, thus making those funds available for future use for things like a down payment on a house, or a child’s tuition for education.
Having a personal life insurance policy is not affected by job changes etc. They can provide reassurance in times of transition and allow you the peace of mind that your coverage is in place if it became necessary to use it.