Do Millennials Need Life Insurance?

Why millennials should think about becoming a life insurance policyholder.

Today, millennials, young adults (ages 18-30) face numerous financial challenges in addition to everything else they have to tackle – from confronting student loan debt to working out how to save for retirement. One of the things that millennials tend to put on the back-burner is having adequate insurance. What’s more, they numerous polls suggest that millennials are the most underinsured generation since the war.

While life insurance may not be on the top of the list of things to buy for millennials, it’s important to be considered. Here’s why.

Life insurance is a form of protection. It’s not a pleasant situation to think about – the aftermath of your death – but you should at least have plans in place for it. Passing away could leave a family member or loved one financially struggling without your assistance or income. Life insurance provides a financial buffer for the people you care about in the event something happens to you.

College debt may not go away. If someone co-signed for your student loan, such as your parents, it’s likely that the bank won’t discharge that debt upon your death. That means your parents, or others who signed the paperwork, would be responsible for paying the full balance. Life insurance can help to cover these costs so your loved ones aren’t saddled with the debt.

The best time to buy is now. You’ll never be younger than you are today, and it’s often the case of the younger we are, the healthier we are. Those are two important factors for getting affordable life insurance. You can lock in low rates by securing life insurance young!

Rest easy knowing that your finances are safe and protected. Contact Martplan Insurance Agency to secure all of your insurance policies in Burbank and neighboring cities in California.