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Why Millennials Should Consider Life Insurance

As a young adult today, it’s unlikely that you’re looking to buy life insurance. You might be trying to pay off student debt even while entering the workforce, so marriage, kids, and buying a house probably aren’t the first things on your mind. You’re not alone in delaying buying life insurance - 65% of millennials don’t have life insurance for this very reason.

However, a significant portion of young adults are considering buying life insurance if they either have (or plan to have) a family and a home. The only reason life insurance isn’t as appealing as it used to be is that most millennials are trying to make sure they get the most value out of their premium dollars.

There are a couple of reasons to buy life insurance when you’re still young and healthy:

1. It’s more affordable

The cost of life insurance depends on the level of risk you pose - the younger you are, the healthier you tend to be, having fewer ailments and diseases that come with older age. Insurance companies will consider you a lower-risk candidate and offer you much more affordable policies than they would otherwise. If you maintain healthy habits, you might land yourself a surprisingly inexpensive life insurance policy.

2. People depend on you

Most people think of dependents as children. But even if you don’t have kids now, your life insurance benefits could provide financial security to your spouse or long-term partner if something happened to you. This money could help pay off the mortgage for a home you both own together that would need to be paid off by your spouse.

Life insurance money can also be used by your parents or siblings (if you’re single) to pay off funeral expenses, student loan debts, and other outstanding balances.

3. Supplement your employer-sponsored insurance coverage

Many millennials have been complaining about wages that don’t match their living standards. Even with a good job and great benefits like employer-sponsored insurance, you might find yourself short on the coverage you really need. Plus, your life insurance policy might not travel with you if you decide to quit your current job for a new one. Buying your own insurance coverage is your best bet since you can get the terms and coverage you need, and it’s yours regardless of where you work.

Life insurance doesn’t have to be the behemoth it’s made out to be - even with just enough coverage at very inexpensive premium rates, you can get the most value for your money and keep your loved ones financially safe. allows you to compare and select life insurance policies that make the most sense for where you are in life - without needing to deal with the pressure and tactics of insurance salesmen. If you need to brush up on life insurance basics or learn about what types of life insurance coverage is best for you, iLifeInsurance has several insurance experts on standby ready to answer any questions you might have.

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