For millennials, many of whom are just starting their professional lives, life insurance can seem like a distant concern. However, life is unpredictable, and everyone has loved ones who could face financial difficulty if something happened to you. Below are a few reasons that even younger people should make life insurance a priority.

Why Should Millennials Buy Life Insurance?

1. It’s Inexpensive

Policy rates are typically based on your age, so most people can save a lot of money by purchasing coverage when they’re young. Over time, these savings will really add up, since term life insurance rates are locked in for the duration of the policy and won’t go up if you develop a medical condition later in life.

2. Your Children Will Be Cared For

Many parents plan their futures around helping their children achieve their dreams. If you pass away before they can start building their own lives, your policy will provide the resources your spouse needs to provide for your kids. You may choose to leave behind enough to pay off the mortgage or set up a college fund, taking the burden off of your spouse.

3. It Will Cover Your Debts

The loss of a loved one is traumatic enough, but in some cases, your family may have to deal with debt collectors after you’re gone. If your parent or spouse cosigned on a loan, your policy will cover the debt, sparing your family even more stress.

4. It Covers Burial Expenses

The average funeral costs approximately $9,000, which most families can’t afford without going into debt. Even single people without children should have at least enough life insurance to cover their burial expenses in the event of an accident or sudden illness.
 

Choosing the right life insurance coverage for your situation can be confusing, which is why Northhampton County, PA, families turn to the experienced agents at Kleppinger Insurance. This respected independent agency will compare policies from a variety of carriers to find coverage for your needs. Visit their website for more on their products, or call (484) 357-1485 to request a free quote today.