We get it: times are tough for everyone, and especially for Millennials, most of whom have had to enter adulthood in an economy still suffering from the Great Recession. Jobs are harder to find, homes more expensive to own, and insurance seems just out of reach. But the fact is that it’s not! There are few different types of life insurance that young adults of the Millennial generation will find beneficial. Here’s a rundown of some life insurance considerations for Millennials from Quality Quick Quote:
Term Life Insurance
Term Life Insurance is exactly what it sounds like: life insurance that lasts for a set term (usually 10 to 20 years) at a fixed rate. These policies can be tailored to give young families the protection they need, whether it be through adding death benefits, compensating for dependents, or including riders. Term life can be a good life insurance option for Millennials because of its low cost and basic coverage, which is easy to understand for those purchasing their first life insurance policy.
Permanent Life Insurance
Whole Life and Universal Life are common example of coverage that can be designed to last throughout one’s life. Whole Life is generally fairly straightforward with both a death benefit and cash value. Universal Life Insurance is a type of flexible permanent life insurance that can provide low-cost protection (similar to term life insurance), but also may include a long-term money saving component. This allows the policyholder of a Universal Life product to put their money to work and build up cash over a longer period of time. This is a life insurance for Millennials who are a little further along, such as those starting families. Universal life is flexible in that it offers policyholders the ability to reevaluate and alter their personalized policies (including certain death benefits, premiums, and savings) as their lives mature and change.
Millennials and Life Insurance
For a generation trying to find or hold onto jobs in an economy that has not been kind to them, looking into life insurance may take a back burner. But investing in the future (both yours and your loved ones’) is one of the most important things young adults can do. That’s why Quality Quick Quote is simplifying the process with our free, no-obligation life insurance quoters and experienced life insurance professionals. For our term life quoter, click here, and for some whole life, universal life and other design options, click here!