3 Reasons Millennials Should Look Into Life Insurance Before 2017
Nov 23, 2016
2017 is just around the corner. For better or worse, it promises to be a quite a year. A new president will assume office in January. The iPhone will celebrate its 10th anniversary. And a total solar eclipse will be visible from the continental United States for the first time since 1979. The connection between these events and a millennial’s need for life insurance may not be immediately clear, but one thing certainly is: Millennials who take out life insurance at a younger age stand to enjoy several benefits.
If you’re a millennial who does not currently have a life insurance policy, here are three reasons to do so before the clock strikes midnight on December 31, 2016.
Young, healthy consumers shopping for life insurance can almost always find better rates than older, less healthy consumers. This is unlikely to change in 2017, but rates on some insurance policies will almost certainly rise. January 1 is the date on which many rate rises will probably occur. To lock in the best possible insurance rates you can get, purchase life insurance while you’re young and healthy, and do it before the New Year.
Life insurance is most commonly understood as a form of financial protection for the dependents of a family’s primary breadwinner. This is a role that few millennials identify with, but that doesn’t mean life insurance isn’t a smart idea. Even if you are single and have no dependents, you should consider buying life insurance. Many life insurance policies have living benefits attached to them, which enable a policyholder to borrow from would-be death benefits to cover the cost of a wedding, paying down student-loan debt, or another major expense.
The peace of mind that comes from knowing your loved ones will be financially secure following your death is not just something the elderly can enjoy. If you are a millennial with a spouse or children, this may already resonate with you. Even if you’re not, you may find comfort in knowing that a life insurance policy payout can be used to pay off your outstanding debts at the time of your death. If your finances can’t cover this debt, your loved ones will be obligated with taking care of this outstanding debt, but life insurance can help take the brunt of this blow.
There’s a lot of anxiety and uncertainty surrounding what the next year will bring. Don’t let it get to you more than is necessary. Instead, focus on actionable steps you can take to alleviate the stress and uncertainty in your life. Call a Brokers Alliance affiliated broker to connect you with the life insurance plan best suited to your current living situation and needs. If you’re an independent broker looking for resources that can help you connect with millennials you’d like as your clients, call Brokers Alliance at (800) 290-7226.