Life insurance is an important safeguard to have, yet recent data shows that Millennials \u2013 anyone born from 1981 \u2013 1996 \u2013 simply aren\u2019t 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.<\/p>\n
Experts say Millennials should prioritize getting life insurance, even if it\u2019s just enough to cover a year or two of their salaries. Sometimes, life insurance is available through work, though these policies won\u2019t follow you if you leave employment. It\u2019s 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:<\/p>\n
Options, Options, Options<\/strong><\/p>\n There are types of term life insurance policies to suit anyone\u2019s 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.<\/p>\n It\u2019s Cheaper Than You Think<\/strong><\/p>\n 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.<\/p>\n Young People Can Get the Greatest Benefits<\/strong><\/p>\n 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 \u2013 as opposed to waiting a decade \u2013 can save you substantial cash over the long-term.<\/p>\n With so many benefits to term life insurance, it\u2019s definitely worth consideration. If you don\u2019t have a life insurance policy yet, start investigating your options and begin safeguarding your family\u2019s future today.<\/p>\n Image via Flickr\/Light Amethyst<\/p>\n","protected":false},"excerpt":{"rendered":" Life insurance is an important safeguard to have, yet recent data shows that Millennials \u2013 anyone born from 1981 \u2013 1996 \u2013 simply aren\u2019t 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 […]<\/p>\n","protected":false},"author":1,"featured_media":3738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[69],"tags":[],"yoast_head":"\n