What Millennials Should Know About Financial Planning and Life Insurance

24 May 2018 Category: Article Archives, Life Insurance

What Millennials Should Know About Financial Planning and Life Insurance

How Life Insurance Helps Millennials Plan Financially

As a millennial, it’s likely that you aren’t too worried about tomorrow’s finances. After all, you have enough to get by, you have an income coming in, and you’re saving up for your first house. However, not thinking ahead could be a costly mistake to make. There are financial challenges to think about, such as paying off student loan debt and saving for future goals. Fortunately, life insurance coverage is there to help your future finances. Although you may not think you need life insurance in Glendale, CA, there are a few reasons why millennials should consider it – especially in terms of their financial planning.

Life insurance is a form of protection. Life insurance helps your loved ones to pay for your funeral, replace lost income, and pay off your remaining debts. Even though it’s not pleasant to think about, you should consider how your family will cope after you pass. Life coverage can take financial stress way.

College debt may not go away. Did someone (like your parents) co-sign your student loans through the bank? If so, the bank won’t discharge that debt upon your death the way the federal government would with federal student loans. This means that your parents, or whoever signed the paperwork, would be responsible for paying the full balance.

The best time to purchase life insurance is now. The best time for millennials to purchase life insurance is now due to age and health. The younger and healthier you are, the cheaper your life insurance policy will be. In theory, you will never be healthier than you are right now so your rates will be lower than they would be ten or twenty years from now.

You may need to supplement the insurance provided by your employer. You may have a basic employer-sponsored group life insurance benefit plan. While this is a great benefit to have, often this coverage is not enough on its own. You may need to add on supplemental coverage to provide enough protection for your family’s needs and finances.

As a millennial with the rest of your career ahead of you, it’s wise to receive adequate protection for your finances and family. To speak to a team you can trust, contact the professionals at Massive Insurance. We are ready to get you the right life insurance coverage today.