5 Reasons why Millennials should consider life insurance

Today, using GPS, you can precisely see what your location is and where you should head. There is a facial recognition software that will identify your friends and acquaintances and ask you to tag them on your social media profile. Today, you can travel from one continent to another just in few hours. Science and technology has had unimaginable growth in the past few decades. Unfortunately, still no way could be developed to deter human mortality. Though we hate to have the very thoughts and deliberately avoid any discussion, death is inescapable. Everything seems evergreen when we are young. But with passing time and when death nears, everything looks gloomy and you become anxious for your immediate dependents. If you want to give your near and dear ones a beautiful life even when you are not there, you should get a life insurance. Here are some reasons you should seriously consider it. 1) Dependents: Life insurance is never for your benefit, rather it’s for those people whom you leave behind. These are the people whose livelihoods strictly depend on your income. This could be a spouse, parents, children, siblings, grandparents, and even a live-in boyfriend/girlfriend with whom you own a home. If you have any dependent in a long-term care situation, life insurance is a must. Moreover, if you have a stay-at-home spouse, anticipate what would happen to him/her. He/she would be forced to secure an employment for a livelihood and might be for childcare as well. Life insurance gives you absolute peace of mind knowing that your loved ones wouldn’t be financially affected by your death. 2) Low premiums: Life insurance premiums are risk calculations based on mortality. There is far less risk associated with insuring a millennial since average life expectancy is 79 years old. And less risk for an insurance company means relatively lower premiums for you. Moreover, qualifying for a coverage as a healthy millennial is very easy than getting one after being diagnosed with a health hazard. 3) Additional savings: If you have a tendency to dig into your savings for each and every reason, getting a permanent life insurance policy can be helpful. It not only offers death benefit but also plays the role of a savings component. You can borrow against your life insurance for your particular requirements given that the terms of the policy approve of it. 4) Supplement against employer’s insurance: If you are a millennial and receive a good pay-check, you may avail life insurance through your company. Though this might serve some purpose, you should consider purchasing an independent coverage. As if you fall sick and remain off from work, your work policy won’t cover you. And when your dependents will need it the most, they will no longer have it. 5) Funeral expenses and debts: Above all, you should not keep your spouse or children legally liable for your debts and funeral expenses. Today, an average funeral costs anywhere between $10k - $15k. Though some debts are automatically waived after your death, some are collected through the assets you leave. Do you think your dependent will be able to deal with these if you leaves nothing? Most of the people will never feel the need of a life insurance policy while they are young. But would you leave your family to face difficult financial times when you are not there? How would you plan for your future?