Millennials and Life Insurance: Why You Need it Now
Life insurance made sense back in the good old days. Every family had a husband and wife who stayed married for decades. The wife’s job was to take care of the house and the kids, and the husband went to work every day. If something ever happened to the husband, the wife and kids would be living in poverty on the streets. That’s where life insurance came in to save the day.
Today, things are much different. Both spouses usually have jobs or at least the ability to obtain one. Marriages that last for decades are still a good thing, but they aren’t planned for as a certainty. There are much greater social safety nets, and families that fall through the gaps can turn to things like crowdfunding donations..
Millennials are faced with rising health insurance costs, crushing student loan debt, and an unstable job market. Do they really need to add life insurance to their list of things to worry about?.
Why Is Life Insurance Important to the Millennial Generation?
Let’s start with the basics — funeral costs. The National Funeral Directors Association puts the median cost of a funeral at $8,508. Almost two-thirds of Americans don’t have the savings to cover a $500 emergency. See the problem? Just the funeral alone will mean raiding the retirement account or running up credit card debt.
Now let’s look at those dual incomes. Can a person not worry about life insurance because his or her spouse also has a good job? Not so fast. There’s a reason both spouses are working long hours, and it’s not only because they want to be progressive symbols of equality. Single income households just can’t make it anymore especially if there are children in the middle.
Even average apartments in big cities like New York City may not be comfortably affordable without three or four working adults sharing the rent. Relying on one income is no longer a safe strategy.
Don’t forget other costs, either. If a spouse is injured in an accident or suffers a long-term illness, the medical bills could amount to hundreds of thousands of dollars. Add in the credit card debt when the healthy spouse leaves work to take care of his or her partner. Without a life insurance safety net, this debt can be almost impossible to dig out of especially when dealing with the long-term grief of losing a spouse.
How Can Millennials Apply for Life Insurance?
So how do millennials get life insurance? Insurance companies know millennials are a difficult audience to reach, so they’re expanding the options. Traditional insurance brokers are still around for those who prefer a face-to-face meeting.
Insurance companies also know that millennials are skeptics and are likely to view the insurance broker as a shady salesperson looking to make a quick buck. To squash these fears, they’ve added full details about all of their insurance options and available policies on their websites.
Millennials can read up on the policies before going to the broker’s office, or they can complete the insurance application online. Some insurance brokers have even created mobile apps so millennials don’t have to put down their phones to sign onto a computer. And for those millennials who really don’t want to talk to a live person, some policies can even be completed without a medical exam.
Shelly Alvarez Insurance assists millennials with life insurance options to suit their needs. You can obtain a free quote and apply online for coverage by clicking: http://shellyalvarez.com/life-insurance/