An individual life insurance policy is essential to have in place in order to provide financial protection to those you leave behind. But a majority of millennials underestimate the importance of this type of policy, placing a higher priority on expenses for housing, daily necessities, travel and entertainment, and therefore have not purchased coverage. There are, however, many reasons that this generation should consider purchasing life insurance as a smart financial decision.
Life Insurance is Cheaper When You Are Young
Most young people believe they don’t need life insurance because their risk of passing away is very low. This is true, but it is also why premiums on these policies are much lower when they are purchased early on. Age and overall health are factors that can determine the cost of coverage, so the longer you wait to buy a policy, the higher your premium is likely to be.
It Will Help Ease the Burden on Your Loved Ones
Funeral costs are very expensive, often thousands of dollars, and without insurance these costs would fall onto your family to cover. Also, any debt you have incurred that was co-signed for, such as student loans or credit card debt, could become the full responsibility of the co-signing party.
Life Insurance is Crucial When You Have Kids
No matter your age, if you have children you should always make sure you have adequate life insurance to ensure that they will be cared for while they are growing up. You will not be there to contribute an income so you need to make sure funds are available for everything from daily necessities up through college expenses.
Your Personal Insurance Agent Will Find the Best Policy For You
There are many types of life insurance policies and Webb Financial advisors have the experience to help you determine which one would best fit your lifestyle. Some employee benefits include a life insurance provision, but you should not rely solely on these policies. They can be subject to change, can end if your employment is terminated and might not be the most cost-effective option for you. Contact Webb Financial at 847-604-5434 to learn how to make the most of life insurance at any age.
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