Life insurance has been around for more than one hundred years, but does Life Insurance still make sense in today’s technology age? What are the sentiments of new generations?
What do studies show? In a recent study, fewer than 20% of millennials say they’re likely to buy life insurance, according to LIMRA, an insurance research and consulting firm. 60% say Internet, cable and cellphone bills are higher priorities, while about 3 out of 10 millennials say saving for a vacation is more important than buying life insurance, a LIMRA survey found.
Simply put, millennial’s fail to see the importance of Life Insurance as it does not affect their immediate priorities. Since they probably have not seen the value of Life insurance in the life of their peers, they do not see the value in their life.
We all have heard definitions of life insurance of it’s suppose to do, and it’s multifunctional uses; but did you know that companies haven configured new plans that can help Millennials meet their immediate needs? For example, going to college. Wait if you could receive a scholarship to cover a large chuck of your costs?
There are several reasons why millennial’s have an advantage over other Generations when it comes to life insurance. Here are a few reasons to consider:
Benefit 1: Lower Premiums
The younger you are, the lower your cost of insurance will be. For example, A 25-year-old can purchase life insurance for under a dollar a day while a 55-year-old will spend nearly 10 times as much for the same coverage. Starting now gives you greater discount then at any point in your life. Discovering how much your worth is easy. The Internet has made it so that you can obtain quotes instantly avoiding the insurance agent all together. A simple google search will lead you in disobeying your worth.
Benefit 2: Greater Cash Accumulation
The younger you are, the more cash you’ll get. A 25-year-old can use life-insurance to discretely multiply their cash hundred fold more than just keeping your money in the bank, a CD, or a Mutual Fund. Since the fees within your policy are low, life insurance is a great supplement to more commonly known plans such as Roth IRA. Starting early can help you earn six figures for the rest of your life once you retire.
Thinking of starting a business after college? Life insurance makes it easy plan for a startup, accumulate cash, and have a needed resources at a time you need them the most.
Benefit 3: Helps pay for college
Life insurance companies have tailored their products to fit your life trends. For example, certain companies will offer you a college scholarship of $8000 for being a member with their company.
There are thousands of dollars untapped by Millennials when it comes to life insurance. If you are supporting your parents, or want to avoid student debt, discovering should be Life Insurance is a priority for you. There are many other reasons, I could mention, but unless a millennial is looking ahead, life insurance would not make sense. Life insurance is designed for the ambitious, those who want to make a difference in their life or the life or others.