Life insurance is an important safeguard to have, yet recent data shows that Millennials – anyone born from 1981 – 1996 – simply aren’t taking out life insurance policies. In fact, self-reported data shows that only 10 percent of Millennials have enough life insurance to cover their debts if they should die. This gap in coverage leaves their families at risk of having to pay off unexpected debts, like student loans.

Experts say Millennials should prioritize getting life insurance, even if it’s just enough to cover a year or two of their salaries. Sometimes, life insurance is available through work, though these policies won’t follow you if you leave employment. It’s better to look into term life insurance, which is a policy that covers you for a certain amount of time. Here are three things to know about it:

Options, Options, Options

There are types of term life insurance policies to suit anyone’s needs. You choose the level of coverage and the time period, and you can usually choose whether to pay your premiums monthly, quarterly or annually, too.

It’s Cheaper Than You Think

Many Millennials avoid even exploring life insurance options because they believe it to be too expensive. However, a moderately healthy person in her twenties can usually get a $100,000 term policy for the price of a few fancy coffees each month.

Young People Can Get the Greatest Benefits

Since term policies usually require a physical in order to set your rate, young and relatively healthy Millennials can actually get much more bang for their buck than Baby Boomers or Gen Xers. Getting a policy now – as opposed to waiting a decade – can save you substantial cash over the long-term.

With so many benefits to term life insurance, it’s definitely worth consideration. If you don’t have a life insurance policy yet, start investigating your options and begin safeguarding your family’s future today.

Image via Flickr/Light Amethyst