Life Insurance: A Financial Advisor's Tips for Millennials

May 25, 2017

Life Ins

Life Insurance: A Financial Advisor's Tips for Millennials

Millennials have changed the way many things get done but can this change affect their outlook on life insurance?

The majority of Gen X and Millennials believe that they need life insurance but a high percentage of those that think they need it (over 80 percent) also reported that they are unlikely to actually ever buy life insurance. This sentiment towards life insurance is understandable: when you are young, the last thing on your mind is what your heirs will do if you die. But death approaches everyone, so it is important that you take a look at life insurance and strongly consider it for the safety of your beneficiaries. Why don't Millennials buy life insurance?  The answer is quite simple: Progress. It wasn't too long ago when a couple would buy a house and start a family right after graduating college. But as we reach a more equal and progressive society, Millennials don't feel the need to start a family or even get married. Without beneficiaries, life insurance does not make sense for them. To them, it would be like getting car insurance without owning a car. What advantages should Millennials know about life insurance? Those in their 20s and 30s may benefit from life insurance if they fit any of the following reasons:
  • Have family members that have special needs and will need ongoing care for the rest of their lives.
  • Will have children that they will need to financially protect.
  • Start a business with partners and want to protect them in the event of death.
If you are a young and spritely Millennial, sit down and consider if you benefit from life insurance. For more information on how you can get the correct amount of life insurance coverage for your future family, contact the Bristol team at C.V. Mason Insurance Agency.