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Some studies have shown that millennials are not willing to buy life insurance policies. Young people do not understand why life insurance plan is important, as they do not have many financial liabilities. As a millennial, you might not worry about your heirs. However, you need to consider the possibility of death too, even though you do not want to think about mortality. This is even more important if you have newly married or have taken a loan to buy a house or a vehicle.
You need to understand the value of life insurance for millennials. Here are a few aspects that might help you get a better idea:
The one thing that can be said with certainty is that financial planning can be challenging for young working professionals who have just started their careers. As a millennial, you need to figure out many things about personal finance. Hence,at present, a life insurance policy might be your last priority. In fact, if anyone asks you about the need of life insurance cover, you may not show any interest in the subject.
You might be looking at life from a personal point of view, which frees you of any liabilities. However, as you get older, you will have to take the responsibility of your parents, spouse, and children. You need to consider all these to understand the importance of a life policy.
If you belong to the millennial generation then there is a chance that you may not have been able to imagine how the future might look like. However, there are a few possibilities that you know are quite probable. For example, you will get married someday and have children, start a business or buy a property and take a loan for it, or take responsibility for the medical treatment of your parents.
The advantages of life insurance allow you to protect your loved ones against all these uncertainties. The untimely death of the bread earner of the family can jeopardize the family’s financial stability. In a scenario like that, your loved ones will inherit your debts and their source of regular income will cease to exist. They can use the death benefit received from the life insurance policy to take care of all the liabilities.
When you decide to buy a life policy, there are two life insurance plans you must consider, term insurance and whole life policy. Term insurance can help when you require a life cover for a certain period. The whole life policy does not have an end date. Your nominees receive the money in case something unfortunate happens to you at any age. Depending on your financial goals, you can purchase a suitable life insurance policy. You also have the flexibility to opt for both term as well as whole life plans.
You can find online term insurance and whole life insurance policies, and compare them thoroughly to determine which is better for you.