John Lopez
“Insurance is an ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table. -Ambrose Bierce
Millenials are an interesting bunch. They are the people that seem stuck between various generations and are composed of a group of modern people born around the 21st century—thus coining the term “individuals”. This generation consists of varied people—each more interesting the last, but they do share some universal qualities. As it is, Millennials are known to be risk-takers in both the good way and bad; they are known to live their lives to the fullest extent and coined the term YOLO (you only live once) as a result. This is the very generation that pushed the very boundaries of conformity and has learned to chase their dreams and goals—no matter how complicated it gets. As a result, there is no generation as young as they are that could be more beset and plagued with unique financial predicaments than they are.
Today, millennials are facing a myriad of financial difficulties—from figuring out how to save for their retirement down to settling some of their accumulated debts. Additionally, while millennials feel a sense of invincibility, they are not entirely so and are susceptible to even more financial woes because of this. Unfortunately, millenials—young and healthy as they are, do not see any merit in investing in any insurance, whether that may be life or accident and health insurance. It might seem like a waste of money to you, but there are a few good reasons why you should invest in it now. Here are some to name a few:
1.) Being young and single is the best time to invest
The best rates for life insurance are often offered to young and relatively healthy applicants. Insurance companies have the foresight of knowing you are going to be paying longer than someone who is already retired—making you a worthy individual for insurance seeing as you will contribute longer. Additionally, some insurance companies are less likely to issue you insurance policies if you are going through life changes (pregnancy, etc., making being young and single the best time in your life to invest in one.
2.) Funerals are rather costly
You may not be thinking about your death now, but it is an inevitable end you are going to meet. Funerals are costly, that much is true today, and it does not seem like the are going to be any cheaper in the future. Even a simple ceremony and commemoration service would set your family back by thousands, and someone will likely have to foot that bill. If you do not want to stick your family with exorbitant fees, a small insurance life policy will help defray the costs.
3.) Insurance is cheaper
Age, overall health, and several other factors would determine how much your life insurance premium would cost. The younger you are, the cheaper it is and the longer you wait to buy yourself a coverage, the more expensive it will be. Being young and a relatively healthy individual means you would be less of a liability to the insurance company. So, take advantage of the rates now while they are still low rather than wait for them to increase as you age.
4.) You do not want to stick your family with debt
There is no question that over the years, you may have accumulated a lot of debt—this is especially true if you applied for a student loan which at times would reach record-breaking levels. If something untoward were to happen to you, your family would have to take care of the debts you have left behind. Think of your insurance coverage as a contingency plan for the family you leave behind if something were to happen to you. Having one would effectively mean they would deal with less stress and financial issues should you pass away.
