Amid the global COVID-19 pandemic, it’s understandable to have worries about the future of your loved ones as well as yourself.
According to the Pew Research Center, anyone born between 1981 and 1996 is considered to be a millennial. If you fall into this age group, you might be questioning what steps you can take during this time to protect your financial well-being in the long run.
During challenging times such as these, it can be easy to let uncertainties take over, however, it can often be empowering to focus on what you can control at the moment. Take a look at how life insurance can help you take the lead by giving you the ability to actively plan for your future. Or quite possibly, it might be something you can feel confident about saving for down the road.
Do you need life insurance?
As a Millennial, the answer to whether or not life insurance is a necessary purchase isn’t a hard yes or no. Dependent on many factors, life insurance could be a great investment or something that could be a smarter purchase a few years down the road. With this type of insurance, it is important to not only look at your current circumstances but also take into account your goals and plans for the near and long-term future.
If you plan on starting a family in upcoming years, taking out a mortgage on a home, mortgage, or will have student loan payments, life insurance provides a great security blanket for your loved ones in helping to take a financial burden away in the case of an unforeseen circumstance. Similarly, millennials can consider purchasing life insurance plans during this time as rates are heavily impacted by factors such as age and health, so when you are younger and traditionally in better health, it can be smart to lock in lower rates during this time in your life.
If you are on the fence about purchasing a policy because you don’t have a significant other or family that needs money left behind, remember that there are other ways to leave a legacy behind—such as planned giving to a charity or museum of your choice. Life insurance can provide a meaningful way to continue to support an organization that you believe in, even beyond your time.
On the other hand, life insurance is not a necessity for all individuals— particularly those who don’t have financial dependents and do not have major payments or purchases in the near future. In these scenarios holding out on life insurance can save you money in the present and allow you to focus on your finances in other aspects of your life. In fact, 37% of people reported buying life insurance as an income replacement, therefore if no one is in need of your lost earnings immediately then rest easy that a policy can wait.
Take some time to review your current situation and discuss your several options. Opting for a life insurance policy can offer peace of mind to Millennials looking to ensure the well-being of their loved ones for years to come.
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