No matter how prepared you might think you are, life can change in an instant. For that reason, life insurance is extremely important for any adult, no matter how old. However, we find that may millennials don’t know several important things about life insurance, and as a result they’re under-prepared for the event anything unfortunate should happen. Here are five things any millennial should know regarding life insurance and why they need to make sure they’re sufficiently covered.
Life Insurance Is Protection
Life insurance is designed to financially protect your loved ones and named beneficiaries in the event something tragic should happen to you. For this reason, the ads all claiming their policies are the cheapest aren’t always the best. You may not think you need this extra layer of security, but you’d be surprised just how much of a burden you could leave behind if you aren’t prepared.
College Debt Doesn’t Disappear
Today’s students are taking out more loans than ever to pay for their education, but many don’t know that this debt doesn’t just disappear when you pass away. If you have a parent who co-signed on your loans, the balance will transfer to them. If you are married, your spouse will assume the balance. Don’t strap them with the bill should something happen to you!
Life Insurance Is Best Not Purchased Online
Online shopping has made getting what we need easy, especially when we have very little time to make it to our local stores. However, buying a policy online doesn’t usually yield good results. Talking face-to-face with a professional will ensure you get the policy you need at a price you can afford.
Social Fundraising Isn’t Reliable
GoFundMe and other forms of social fundraising has quickly exploded in popularity, but the downside is you can’t rely on it. If your loved ones can’t reach their goals, they’ll be left with a huge financial burden still, and even worse, the fundraising site needs to make money so they take their cut (as does the IRS).
It’s Never Too Soon to Prepare
If you’re young and in good health, your life insurance policies will cost mere pennies. In fact, you may be able to purchase a 20-year term policy for less than a cup of coffee each day. Locking up your rate now ensures your future will be secured should anything happen now or even later on in your life!
Call Insurance Specialists, Inc. today at (888) 451-0883 and let our Atlanta insurance administrators help connect you with the right policy to protect the future for you and your loved ones.