08 Mar 3 Tips About Millennials and Life Insurance You Can’t Afford to Miss
3 Tips About Millennials and Life Insurance You Can’t Afford to Miss
Tips from Affordable Life Insurance 4 U in Boca Raton
“With mine and my husband’s daily expenses, like our mortgage, paying back our school loans, groceries, I never thought about life insurance. Who does when you’re in your twenties?” Janey S.
Baby boomers are not the only people thinking about life insurance these days. With today’s Millennials jumping heavily into the real estate market over the past year, more of the 18 to 34 years old are sinking their knowledge into protecting their loved ones and their investments. While the younger generation are waiting till they’re older to marry, they may have significant others leaving them vulnerable. The reality is without a will in place, the courts won’t guarantee your fiancé will get everything if the unexpected should happen. These individuals understand having a policy in place can ease the burden later on. Here are three tips about life insurance that you can’t afford to miss if you’re in this age group.
1. Financial Security
2. Cash Value
3. Ease of mind
Financial security is often something that people overlook when it comes to everyday living. Having financial security and knowing if some tragedy were to present itself can make things much easier. Knowing your loved ones can live a better lifestyle if you should pass is very important to this group. When you have a life insurance policy in place it prepares your family with the means to take care of funeral arrangements, pay expenses like medical costs and it can also allow them additional security for living expenses. Most people wait until they’re older or have started a family to worry about this cushion. But it’s never too early to have this crucial instrument in place.
Another tip you may not have thought of is that of cash value. Also known as surrender value, cash value is the amount of money paid by the life insurance carrier to the policy owner upon cancellation. This is a super product for many individuals in their younger years because it allows you tax advantages and the chance to cancel with a return. Term life insurance differs because it only pays out upon the policy holder becoming deceased. Cash value allows you to cancel your policy and has a monetary value added to it that can be accessible if you should decide you no longer want the policy. This can vary from carrier to carrier so it’s best to check with them. Many people are unfamiliar with this type of policy because of the popularity of term life policies. Because the nature of Millennials is to be in control of their lives financially, cash value is a policy they tend to often inquiry about.
The biggest tip we can give to you, is that if something unforeseen should happen, your family is covered. Most individuals don’t want their parents; spouses or children have to suffer during tough times. They’ve chosen to prepare ahead of time as a smarter alternative.
As a smarter decision from the insurance companies is making insurance more affordable. Because the rates have gone down a great deal, more people are taking on these types of investments.
With the right policy in place you’ll not only be putting together a solid financial plan, you’ll be protecting your loved ones and you’ll have peace of mind that everything is taken care of. Many people assume that if they pass away things like debt goes away too. Some loans do not disappear. For instance, if you had someone co-sign for your student loan, they could be responsible for the debt. By securing this type of policy it relieves your family of continuing debt.
Life is going to continue and you know that by selecting life insurance you can treat it as a savings account that can be used you or your loved ones’ future. Having a policy in place gives you a peaceful existence instead of stress if something should happen and that in itself is worth it.
There are many other reasons to get life insurance. But these are why so many younger people are looking to add these policies as a part of their financial portfolios giving them peace of mind.
For more information on life insurance no matter what your age contact our life insurance agents in Boca Raton to assist you.