☰ ˟
Contact Us (440) 729-7600
Logo
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Auto Quote Form (short)
    • Bonds
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Liquor Liability Quote Form
    • Health
    • Homeowners
    • LifeImage of right arrow
      • Life Insurance Quote
      • Term Life Insurance Quote
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Trucking
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request Declaration and Coverages Page for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
    • Recreational VehicleImage of right arrow
      • Request ID Card for Recreational Vehicle Policy
      • Request Declaration and Coverages Page for Recreational Vehicle Policy
    • Renters
  • Blog
  • Make a Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • Location Map
    • Employee Directory
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Blog > Insurance For Millennials: A simple guide
MONDAY, NOVEMBER 4, 2019

Insurance For Millennials: A simple guide

>Investing in Life Insurance as a Millennial

Millennials are those in their late 20s and 30s. These individuals have jobs and many own homes. Some are still working to build their financial health.

Newlyweds

As a result, millennials need life insurance. Having the right policy at this age helps protect family and friends. It can also provide peace of mind to the individual. If you are a millennial, now is the best time to consider putting life insurance in place for yourself.

Who Needs Life Insurance?

Most millennials should purchase it sooner than later. This type of coverage provides financial protection to your family. Here are some reasons to consider it.

  • It can provide financial compensation to your loved ones if you die suddenly.
  • It can cover medical bills and final expenses.
  • Life insurance works well to reduce overall financial strain. It might help your significant other having to pay off the mortgage on his or her own.
  • You can use it to help pay for your child’s college education.
  • It can help cover the cost of your other debts.
  • It can help to take care of a disabled or dependent adult child.
  • You can establish a trust to provide funds for a specific use.

These types of benefits come if you die during the policy's term. When this happens, a death benefit becomes available to your named beneficiary.

Funding Your Retirement

Another way millennials can enjoy life insurance is to invest in whole life policies. This type of policy builds value over the years. Throughout your lifetime, especially in retirement, you may be able to borrow funds. In retirement, it can help to create a stream of income for you to use. The death benefit remains in place. The difference is a part of each payment you make builds an investment portfolio. Over time, it may earn significant money.

Why Now?

Millennials should consider the value of investing in life insurance at this point. Waiting will mean paying more for coverage later. The younger you are, the less of a risk you present to the insurer. If you wait and become sick, it could cost you later.

Work with your insurance agent. Discuss how much life insurance you need. You should consider a policy to help support your family for the length of time you wish to do so. And, be sure any breadwinner in the family has ample coverage. It can mean protecting your lifestyle should the unthinkable occur.

Posted 9:14 PM

Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019

  • car insurance(1)
  • business insurance(1)

View Mobile Version
7864 Mayfield Rd. | Chesterland OH 44026 | (440) 729-7600
© Copyright. All rights reserved.
Powered by Insurance Website Builder