Life insurance is one of the most important types of insurance policies that you can buy. Helping to protect your nearest and dearest at a very difficult time, it can help to provide your family with a financial cushion if the worst happens. However, despite the fact that many millennials believe life insurance is important, very few are actually taking out policies. According to @lifehappens:
“Only 52% of Millennials have life insurance, but a whole lot more than that have loved ones—spouse, partner, kids, aging parents—that need financial protection if something were to happen to them.”
With living expenses and house prices higher than ever, protecting your loved ones from financial difficulty is incredibly important. If you’re yet to be convinced that life insurance is right for you, here are a few reasons why all Millennials should get covered.
Life insurance won’t get any cheaper
If you’re under 35, don’t have any dependants and don’t have any serious health problems, a life insurance policy should be very affordable. In fact, you may well be surprised by just how little your monthly premiums will be, especially if you get expert advice before taking out your policy.
Living costs are on the up
The cost of living in the UK in is on the up. Rents are going up across the country and property prices continue to rise at a staggering rate. For many Millennials, the high cost of living is one of the main barriers to taking out life insurance. Most people simply have more pressing financial needs and so put supposedly less urgent matters like insurance to the backs of their minds, often until it’s too late.
However, taking out a policy would help your family to meet their mortgage or rent payments at a very difficult time. If you have young children or other dependants, this is something that shouldn’t be overlooked.
Life insurance can cover your funeral expenses
Even if you don’t have people who rely on your income, life insurance policies can be very useful when it comes to paying for funeral expenses. This will help your friends or family to cope financially with your loss and will help to ensure that your nearest and dearest don’t suffer unnecessarily at a difficult time.
Although Millennials are very aware of the fragility of their finances and the importance of planning for the future, the immediate financial pressures of modern life mean many don’t have the cover they need. If you’re interested in taking out life insurance and want to learn more about the types of policy that are available, get in touch with one of our expert financial advisors today.
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Written by: Andrew Page