When it comes to life insurance, some millennials believe a policy is unnecessary. Nothing could be further from the truth. Though this generation may be young, coverage can help them protect the people they love most. Here are a few reasons why you should get insured today.
Why Millennials Need Life Insurance
1. You Have Debts & Obligations
Even if you don’t own a home or have a family, you may still have debts. Whether the debts are in the form of personal loans, credit cards, or private-lender student loans, all that money will need to be repaid by your next of kin. That means the debt is inherited and they’re forced to make payments until the loans are settled. Life coverage will give them the funds they need to pay down your debts without asking them to sacrifice their personal savings.
2. Funerals Are Expensive
Funeral expenses, on top of any medical expenses incurred, become the responsibility of your loved ones to pay after your passing. By purchasing a life insurance policy, you’re ensuring that your loved ones will be able to pay for your funeral without going into debt.
3. Living Expenses Are Covered
If you have a young family that relies heavily on a combined income to make ends meet, they may struggle to maintain their lifestyle if you pass away. Life insurance will act as an income supplement to help them adjust. The distributions from the policy can be used in whatever way is most beneficial to your family–this includes paying rental expenses or setting up a college fund for young children.
At American Liberty Insurance Agency in West Salem, WI, their dedicated agents want to help you understand the benefits of coverage at any age. They’ll get to know you so they can find a life insurance policy that meets your needs and budget. Learn more about their services online and call (608) 786-3355 to schedule a consultation.