You might think that life insurance is for older people and it’s too expensive. You’d be wrong. Millennials need to take out life insurance, and there are lots of reasons why you should too.
Life insurance is important no matter your age, financial situation, or career status. So, why is life insurance important for millennials? Here are some of the biggest reasons why you should definitely consider life Insurance as a young adult:
1. Are you thinking about it?…(probably not) – and that’s a problem
Millennials are one of the most educated generations in history; they value independence more than any previous generation; and they dream of travel, freedom and adventure.
We live in an age where we all want to live life on our own terms, and that is fantastic. However, millennials might be seen as taking this idea of living life at their own speed too far when it comes to thinking about the future.
Life insurance can be difficult to think about – but not thinking about it means you could leave a family, partner or children struggling with for example your funeral expenses and your personal debts, should something happen to you.
2. You may need life insurance to borrow money
If you’ve ever taken out a mortgage or a car loan, then you might be familiar with this one. If you want to take out a big loan, such as a mortgage, and you don’t already have any form of financial security in the form of savings, investments or an existing asset, then you’ll need to get life insurance.
Even if you do have the money, lenders often require a life insurance policy as part of the agreement so they can be sure that you aren’t going to take them for a ride and not repay your loan.
3. You need to start thinking about your long-term goals
The millennial generation is one that values independent goals more than any other before them, which is fantastic – but it does mean they may be putting off the realities of their future for as long as possible. For example, getting married and starting a family are some of the biggest life goals for many millennials – but they are not going to happen without a little help. If you get life insurance while you’re still single, then it reduces the risk of your family paying out more than is necessary in the event of your death. Life insurance is less expensive when you’re younger.
4. You might want to protect yourself from student debt
As the average student debt currently stands at up to £50,000, it is no surprise that record numbers of students are taking out some form of life insurance while they are still studying to help protect them from this massive cost should something happen.
Some people might argue that a student loan would be repayable on death – but many do not know their policy will still repay in this situation. This can be a massive burden for parents to take over should they have to go back to work afterwards too.
5. You are an entrepreneur or freelancer
Whether you are an entrepreneur, putting yourself out there by doing freelance work, or you are self-employed – you should always have a life insurance policy in place. If you were to die, it could turn into a disaster for your business and your family – but if you have the right cover in place, then they will not only be protected from an immediate loss of income as a result of your death, but can also invest more easily into continuing with that business.
6. You enjoy a dangerous hobby
A lot of millennials live for adventure, and there is nothing better than an adrenaline rush – but it does mean they are putting themselves at risk more than ever before. With almost half of all young people admitting to going on a dangerous adventure trip, it is important that you have the right life insurance policy to cover any costs just in case your family might need to pick up the pieces if something does happen to you.
7. You are a travel addict
If you are one of those millennials who needs little more than sand between their toes for months on end, then it is important that you still take out life insurance even if money is tight. No matter how careful you are, accidents do happen while travelling – and if you don’t have your family protected in some way, they might be forced to take on the insurance costs associated with your death.
8. You would want someone to remember you after you’re gone
Many millennials want their social media legacy to live on after they are gone. While it might seem like this is not something you should really be considering, the truth of the matter is that your family will want your social media to continue – but it will need to be managed carefully if they are unable to access it.
Taking out life insurance while you’re still young enough (you might not need any medical checks) will ensure that your family are allowed access to all the photos, videos and posts you’ve made – without having to worry about any legal ramifications.
9. You have a history of mental health problems
While it might seem odd to some that illness has anything to do with life insurance, there are many circumstances where it is advisable to have a policy in place before you are diagnosed with something like depression or anxiety.
Without the right life insurance policies in place, people who suffer from mental health problems for example, can find themselves being turned down for cover later-on. This might force them to take out higher levels of cover at an older age, just so they can be covered.
10. You want to protect your loved ones
Having a policy in place will mean that your loved ones are protected should something happen to you. This is one of those things everyone should consider taking care of while they are young and healthy. This way you can guarantee that your family is looked after, even if it is done at some expense.
As a millennial, you might think that life insurance is not for you, but the truth of the matter is that protecting those who depend on you should be your priority. Life happens, but by making sure your family is financially secure, it means they won’t have to worry about money as much when they are grieving.
Life insurance can be a complicated subject, but you will find that the best option for your needs is something affordable and customised to your needs. This means you can get on with building a life of your own while protecting those who depend on you.
Prime Financial Solutions and Mortgages Ltd
If you are a young adult, a millennial in need of our help to source life insurance let us know – telephone 01942 665 436:
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The whole process of finding and choosing a life insurance policy can be frustrating, and if your intention is to source all life insurance providers in the UK to get the best possible quotes, you will have to dedicate your time and energy to doing so.
You can do it all on your own, or you can speak with us – we’re an established FCA regulated UK broker and advice and quotes are free. Searching can be frustrating, very time consuming and complex if you’re not sure how to go about it. Prime will find the best solution to suit your individual circumstances and budget.
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Don’t keep putting your life insurance on hold; prioritise your future. If you have questions, give us a call, our dedicated team of experts is standing by to talk with you.
Having a life insurance policy will bring you added security as well as peace of mind. We also have a range of services available including critical illness cover and much more, and advice and quotes are always free. You can find out more about us and what we do here – if you need help with anything else. Click here to Get a Life Insurance Quote or use our quick contact form to get in touch. Our friendly dedicated team is available by telephone 01942 665 436 during office hours.