Millennials are individuals born between 1982 and 2004, according to The Atlantic. Individuals who are this age today are likely working. Many went to college and graduated. Some have a family right now. Many are thinking about buying homes, starting a business, or expanding their investments.
At this point, life insurance is a solid investment.
When Should You Buy Life Insurance?
Life insurance provides a financial payment to your loved ones at the time of your death. It applies only when the policy is in place. The person you name on the policy can use the funds for any need. However, Millennials have a number of reasons to obtain these policies now.
It's Less Expensive
The sooner you secure a whole life insurance policy, the less expensive it will be. Even term life insurance costs less when you buy it at a young age. You may be able to lock in a long-term rate. If you wait even ten years, it might cost significantly more to get coverage.
You May Have Dependents
Many Millennials have children. Life insurance can help ensure that dependent can maintain their quality of life if you die unexpectedly. Would your son or daughter be able to live in their home and go to the same school if your income was no longer available?
The Risks Are Present
You are still young, but you are not invincible. According to CNBC, many Gen Y individuals (those who are a generation older than you) had the misconception that they did not need life insurance. Unfortunately, many did not buy coverage. Millennials are more likely to want this type of safeguard. It aims to protect your loved ones in the long term.
You May Be Able to Borrow from It
A perk of some life insurance plans is this feature. It may allow you to borrow from the built-up value. Some also pay dividends to you. This allows you to create an opportunity for a low-interest, low-cost loan should you need it. It is a type of built-in safety net you do not have to think about.
Millennials are at the ideal age for securing life insurance. Do not put it off. Protect your family, your assets, and your long-term financial goals. A policy may be very inexpensive and easy to obtain, too. If you're ready to get life insurance, let ECI Agency Inc. help. Call us at (405) 373-2977 for an Oklahoma City life insurance quote.