Let’s face it: budgeting is a challenge, and putting even more money aside is burdening to think about. With living expenses through the roof and a raise at work yet to be given, the last thing you want to do it put your money towards your future when you need that cash flow now.
Yet, there is no better time to acquire life insurance than now. Just as essential to save for retirement, life insurance is important for your, well, life. Here are five reasons why millennials should own life insurance.
While the student loan debt is technically your responsibility, it becomes the co-signer’s responsibility to pay it back if something (unfortunately) should happen to you. Life insurance is crucial to acquire if you do not want to leave that burden on someone else. Be sure to discuss your student loans with the co-signer before you acquire life insurance.
Millennials tend to live a more active and healthy lifestyle due to the nature of their young age. Take advantage: this fact will allow you to lock in your life insurance coverage at a lower price in your favor. Think of it as getting more and spending less. And who doesn’t love scoring a good deal?
With just starting your professional career and enjoying the youth lifestyle, kids may be the furthest thing from your mind. And hey, there’s nothing wrong with that! However, if you do want children in the future, bear in mind that life insurance should be something to get in the habit of now so you are prepared when that time comes. Or rather, when those little bundles of joy come.
One of the many advantages of permanent life insurance is that cash value accumulation is available during the holder’s lifetime. Three types exist whole life, universal life, and variable life insurance.
Although the case value of your life insurance policy can be used for pretty much anything you want, we recommend using it to supplement your retirement needs or other life expenses.
You may not have children as of yet, much less grandchildren, but bear in mind that life insurance can be used for one or many of your loved ones. This can include but is certainly notlimited to your siblings, nieces, nephews, cousins, parents, pets and even a local non-profit you volunteer with. In fact, learning how to select beneficiaries now can help you in the future should you decide to marry and have children.
Death is unfortunate, but it is inevitable. And although it certainly is not pleasant to think about, your future and those you leave behind is certainly something that needs to be planned. For guidance in the right life insurance for you, visit li-ff.com.