If you’re a millennial, the chances of you wanting to invest in a life insurance policy are probably lower than the low. After all, you’re still young and healthy and you’d rather spend that money on amping up your career, buying the latest gadgets and gizmos, fine dining, travel, etc.
You work hard and you should be able to celebrate your life the way you want to. However, we often forget the fact that life comes at you fast and nobody can avoid the unexpected tragedies of life (death, critical illness, et al). This is why investing in a solid life insurance policy that helps you stay prepared is important to safeguard the future for yourself and your loved ones.
Here’s a quick look at the top five reasons why millennials need to invest in a Life Insurance Policy.
Employer Insurance Might Not Be Enough
As a millennial, a life insurance plan offered to you by your company might seem sufficient. But, what a lot of people don’t know is that employer insurance covers only 1.5-2 times your CTC, which primarily covers basic protection and expenses. So, if you get any major critical illness, you’d still need to pay additional charges from your pocket. This is why it’s important you invest in an all-in-one life insurance plan that fulfills all your needs, no matter the emergency, than a basic one.
It Costs Less When You’re Younger
As you grow older, the chances of you developing some form of illness also increase. And this greatly decreases your chances of buying an insurance policy at an affordable price since factors such as age and health play a very important role in determining the cost of the policy.
Help Out Your Loved Ones In Need
If you’re a millennial and unmarried, you might still have someone as your dependents in life such as your parents or siblings. So, if you were to meet with an unfortunate accident, your life insurance policy will act as a safety blanket and an ultimate emergency fund for those who depend on you for their monthly expenses. This is especially important if you’re currently also paying a student loan because any kind of a liability, in case anything happens, would be passed on to the parents.
Fulfill Your Financial Goals
There’s no doubt that investing in Life Insurance offers security like no other. It’s something you’d thank yourself for investing in when you reach retirement or when stuck in dire situations. But, Life Insurance also acts as an important tool to fulfill your personal finance goals. So, whether it be for your future wedding, buying a home or car, you can always use money from life insurance and achieve those dreams and plans.
To sum it up, life is uncertain which is why investing in a Life Insurance Policy that can offer complete protection for your loved ones is important. Call me – Here to Help! Jimmy Francis 651-321-8348