Seriously, this fact might scare most millennials, but we’re all going to die someday. It’s one of the only certainties in life – along with taxes. However, a recent study by Budget Insurance found that 82% of millennials don’t know what life insurance is for – even as they are aging, starting families, and dealing with more complex financial situations.
While most millennials would have never needed to consider life insurance before, it’s now time to start taking life insurance and other estate planning more seriously. The great thing is, more companies are starting to take millennials seriously financially – and it’s getting easier than ever to get life insurance.
According to Pew Research, 60% of families rely on dual incomes, while 31% of families rely on a single income. Combined, that means 91% of families in the United States need one or both spouses’ income to survive. And what happens if one (or both) die? That’s where life insurance comes into play.
Millennial families have expenses – housing costs, student loan expenses, and more. And while Federal loans are forgiven upon death, many private student loans are not.
Perhaps you are still not sure if millennials need life insurance. Isn’t it worth further exploration? If you are ready to explore your options and weight the costs with benefits now, here is a quick way to get started. Click here.
(Source: Forbes)