Life insurance isn't just for older people. Millennials, or Generation Y, are a demographic born approximately between 1982 and the early 2000s. As a group who are increasingly postponing traditional adult milestones such as getting married and having children, life insurance may also have been added to the list.
Thinking of any eventualities or accidents can be difficult, but ensuring that you think of every detail is vital. And it is
For those people who find themselves categorised as a Millennial, it could be difficult to consider the potential for the worst to happen. But what if it did? We look at some of the reasons it could be beneficial to buy life insurance while you're young instead of putting it off.
As a millennial with a young family, you might wonder how your family can maintain financial stability if you're not around. If your family is likely to be financially burdened should you pass away, life insurance could guarantee that your family doesn't have to worry about bills or other financial concerns.
Life insurance could also ensure your spouse doesn't suddenly incur any debt from your loans and provide protection from other unexpected expenses. Unexpected debt can truly cause a setback for your family, as they might find it more difficult to cover other expenses due to suddenly having to make payments they did not expect.
A big benefit of buying insurance while you're young is its affordability. As a young and healthy adult, you could be considered a lower-risk candidate by life insurance providers and have a higher chance of being accepted for a policy that falls within your means.
Being a non-smoker and a non-drinker could increase your chances of acceptance even more, and you may be surprised by how reasonable life insurance premiums could be for you. However if you only consider buying life insurance when you're older, you may find that your age or any underlying health issues lead to higher premiums.
When you're young it's normal to require a co-signer for a student loan from your parents or one of your relatives. Should you pass away, your co-signer will become the owner of your debt and be responsible for repaying it.
The same could also be said for other debts you incur - such as for a car, a house, or anything that requires a co-signer. By buying life insurance, you can ensure that your co-signer is able to pay off your debts, should they suddenly acquire them, were the benefit to be willed to them or the policy placed in trust.
No one wants to think about passing away, but when you have dependants and a family who could potentially be financially burdened, it's essential to ensure everything is covered. Even if no debts are left behind, your loved ones and dependants might still struggle to cover any funeral expenses.
If you're unsure how much cover you might need, you could try our Life Insurance Calculator and use the amount suggested as a guide to start comparing quotes.
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The stage in your life and the responsibilities you have, rather than your age, should be at the forefront of your mind when thinking about whether life insurance is right for you.