Millennials and life insurance

As a millennial, you’re probably experiencing a lot of firsts. Maybe you’ve received your first promotion, bought your first home or perhaps you’re even a first-time parent. But if you haven’t started thinking about life insurance, it’s a good time to bump it to the top of your to-do list. The best time to make life insurance a priority is when you’re young and healthy. Here’s why.

Safety net. You might think life insurance is the last thing you should be focusing on. You have your budget and debts to pay off, right? However, more and more millennials are recognizing the benefits of having a safety net, which is life insurance. At this age, you probably haven’t contributed much to a retirement account or built savings to take care of your loved ones if you were to pass away. Life insurance offers peace of mind that you may be able to help financially protect your family in the event of a premature death.

Financial security. You might be at an age where people are depending on you. Whether it’s a parent, sibling, spouse, partner, new baby or a growing family of little ones, others rely on you. So, it’s smart to take proactive steps so that if you were to pass away the financial and emotional stresses of bills, student loans, house payments, etc. are not left for them to handle on their own. Life insurance may help give you confidence that those you love will be financially protected in the event of a death.

Sweet savings. Young? Check. Healthy? Check. When it comes to buying life insurance, being millennial-aged may be a huge advantage because you’re more likely to be considered “low risk.” What does that mean for your wallet? More affordable payments now. If you’re considering life insurance, check out why, if needed, you should get your life insurance medical exam now. Due to your age and more likely “low risk” status you may even be able to skip the medical exam completely.

Personal plans. Is life insurance offered through your work? That’s awesome. While many companies offer fantastic plans, it’s worth digging a bit deeper to see how well that plan actually takes care of you. Many workplaces offer relatively small amounts of coverage that should be supplemented to cover the needs of you and your loved ones. Plus, if you change jobs, you may not be able to take your company plan with you. You’ll definitely want to see what your employer offers and then calculate your actual life insurance needs to see if you’re sufficiently covered. Learn more about calculating your life insurance coverage needs, or use our Life Insurance Calculator for a quick and easy estimate.

Your American Family agent is the perfect person to ask for smart, honest advice on what makes sense for your ever-evolving life and dreams. Take a look at some more info about our life insurance coverages — because making life insurance a priority is a great way to proactively protect the ones who matter most.

This article is for informational purposes only and based on information that is widely available. This article does not afford, offer, or guarantee any coverage. We do not make any guarantees or promise any results based on this information.

Neither American Family Life Insurance Company nor its agents are authorized to give legal or estate planning advice, and this article should not be construed as such advice. Customers should consult an attorney or estate planner for answers to legal and estate planning questions.