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Millennials are entering the workforce later than previous generations, which often means that they are home considering purchasing life insurance later in life. However, even for those who are young and still in great health, with limited assets, should consider purchasing some life insurance.
Insurance companies thoroughly understand risk, and a healthy millennial is considered to be an excellent, low-risk client. This leads to very low rates and a more affordable life insurance policy. Combine a millennials age + being a non-smoker + no preexisting health conditions = you’ll be surprised at how inexpensive life insurance can really be. “Stuff” happens, and as you develop even minor health issues into your 30’s and 40’s– your life insurance rates for a new policy will be much higher. Lock very low rates in for life while you can.
Consider your Cosigners
While some debts are waived when an unexpected death occurs, if you’re a millennial and your parents cosigned on a student loan, car loan, or credit card that was in your name, they will be responsible for those debts after your death. Naming them as beneficiaries on a life insurance policy is a smart way to ensure your debts are covered.
No matter your age, if you were to pass away unexpectedly, somebody will have to cover the funeral costs. The average funeral runs from $5,000-$15,000, and even the most basic life insurance policy can prevent that burden from going to your loved ones.
If you’re unsure of what type of life insurance policy is best for you, the experts at Aronson Insurance are here to help. We’ve been protecting and serving clients since 1919, and we’d be honored to help you too. Call us today at 617-965-3030 to schedule a consultation.