Life Insurance for Millennials: Why It’s More Important Than You Think

As many Millennials become parents and age into their 30s and 40s, it’s a good time to start thinking about the future. While retirement and related financial needs may seem eons away, the truth is that it’s never too early to start planning. Life insurance can be a particularly valuable investment, and looking into these coverage options earlier in life can reap lucrative rewards. At First Community Insurance & Annuity Center, our knowledgeable team is here to help.

Why Should I Start Thinking About Life Insurance Now?

Regardless of your exact age, considering life insurance is a good idea when planning your financial future and considering your family’s needs. Purchasing the right life insurance policy now can establish fiscal security and cultivate valuable assets for you and your family. Specifically, consider the following ways looking into life insurance now may be beneficial:

• Potential gains—Many life insurance policies include a cash value component that can accrue over time. These funds may subsidize future retirement savings and can be used to reduce your premiums, borrowed against or invested. By investing in a policy now, you can enjoy greater growth over time.

• Financial security—Even though you might still be young and in good health, accidents and unexpected situations can arise without warning. What would your family do if you were suddenly not there to provide for them? Having life insurance should, therefore, be a top priority.

• Debt management—Many Millennials carry significant student debt, and others have also taken on mortgages and auto loans. These debts do not simply go away if you’re no longer around, meaning your spouse or parents could be left to deal with them should you pass away. By looking into life insurance now, you can relieve your loved ones of this potential burden.

• Reduced premiums—Purchasing life insurance when you’re younger can often garner overall savings, as carriers are generally likely to quote lower rates at this stage. For Millennials, buying a policy now may help lock in an ideal rate for decades.

Learn More

Contact First Community Insurance & Annuity Center in Bourbonnais, Illinois, today to find out about coverage options and find the right life insurance policy for you and your family.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.