Why Millennials Need to Start Thinking About Life Insurance Now
During my "invincible" young adulthood, life insurance was the furthest thing from my mind. Not only was I confident that the need for such a policy was a long way off, but I was also clueless about the many savings and investment benefits that can often be derived from certain types of policies.
Fast-forward more years than I care to reveal with any specificity, and I've learned the costly error of my earlier thinking the hard way. For a variety of reasons, obtaining a life insurance policy at this point would be a seriously pricey endeavor, one I simply can't afford. Which is why I've set out to help others avoid a similar mistake. Millennials, in particular, should take heed.
While COVID-19 has raised awareness about the important role life insurance plays in families' financial security, new research from LIMRA shows that 42 percent of Americans would face financial hardship within six months if the primary wage-earner were to die unexpectedly. The very same study shows that young Americans are most at risk, as more than half of millennials have no life insurance coverage.
Here are five reasons millennials really need to consider getting life insurance sooner rather than later.