Millennials and Life Insurance

Life seems so busy for millennials. All are busy achieving goals. But somehow, most tend to forget formulating a fail-safe plan. With the challenges of the now and the need to climb up the ladder, retirement seems far away. 
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We have rounded up the top reasons why getting a backup plan, in the form of life insurance, is as wise as working for the present. 

1. It Is Economical
   Your coverage premium is based on a few factors. Those factors include health and age. The younger and healthier you are, the cheaper your premiums would be. Because you do not pose as insurance liability, you pay less. You will notice that the cost of the coverage jumps when you reach your 30’s or 40’s. 
   
   Settling with coverage now will save you money in the long run.
   
   
2. Funerals Are Expensive
   Whether we accept it or not, even after you have died, you would still need to shell out money for a funeral. Even if you opt for a simple get together, someone still has to take care of the bills. Your insurance would take care of that, saving your loved ones a headache. 
   
   
3. Your Kids
   Most millennials would want to settle down and build a family. Because of this, you would like to make sure that whatever happens, they are taken care of even when another parent is there. This coverage could also come in useful and handy when you need to pay more for the education of your children. 
   
   
4. Some Policies Lets You Have Savings
   Most would advise going for term insurance. However, because of the offered investment, millennials are being urged for whole life insurance now. This also covers you until death. It might be a little more than the usual term insurance; however, your coverage is free of tax, and it earns money over time. 
   
   Since you have been working hard now, why not, save and invest some of it, and add it to your retirement fund.
   
   
5. Your Employer’s Provided Coverage Could Not Cover Everything
   Your employer could cover for your well being as long as you are with the company. Separate insurance coverage will cover for you in case you have to change jobs or when the company goes out of business. 

When you start earning, knowing, and handling your finances, requires a lot of understanding and trial and error. Even when thinking of the big future, it is easy to put your life insurance in the back burner. This is without realizing that this is one of the best decisions you could make for your future. Research and ask around before deciding on the coverage you will get. 

At Insurance Marketplace, Inc., we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (541) 779-0177. You can also request a free quote by CLICKING HERE.