5 Reasons Why Millennials Should Buy Life Insurance

THE MILLENNIALS – We are a unique generation with a unique approach to life that includes the way we collect and secure information, gather insights, and make purchasing decisions because of easy access to the online world. This is true when it comes to benefits and financial products — notably securing our future and the need to buy life insurance.

It is no longer surprising that young adults are not into insurance. Why? It is because one believes he has too many other financial worries such as paying off debts, living the YOLO life, saving for future goals, and most especially – having a wrong mindset. Read more here: Top Reasons Why Filipinos Avoid Financial Literacy



buy life insurance
buy life insurance

Nevertheless, why should you secure yourself with life insurance now? Maybe you ask yourself that question even if you are still young, wild, healthy and free. You probably have an idea how time is an advantage to us. Why do the millennials need to buy life insurance now? It is because when we are still young and healthy, not buying life insurance can inevitably become an expensive mistake in the future. Here are the reasons why millennials should buy life insurance:

ONE | Buy life insurance because it is CHEAP now.

Do you know that amount of premiums we pay for life insurance is based on one’s age and physical state? When you are younger and healthier, you pose less risk to insurers making your premiums very low. Ahh. I’m still young. I’ll buy later. If you don’t buy life insurance now and still wait for your 30’s or 40’s, the result is the amount of premiums will dramatically jump. Now is the time to buy life insurance because it is still CHEAP.




TWO | Buy life insurance because you have DEPENDENTS.

Sooner or later, you will have dependents. You will have your own spouse who you share your assets with, and together you create a family. You will have your own children that you will be sending to school. Suddenly, you die. Your income is suddenly out of the picture. How would they be affected? Yes, they will mourn your death, but would this stress of immediate financial issue add to their stress as well? Think of it – an excellent reason why you need to buy life insurance now.




THREE | Buy life insurance because it is EXPENSIVE to die.

Have you thought how expensive it is to die? Funerals cost money, of course! In the Philippines, the funeral cost is a killer – the only killer made by a dead that keeps the living awake. See image below for you to have an idea how much a funeral costs in the Philippines. If you do not prepare for the future, your dependents will have to cover these costs.

Image result for funeral costs in the philippines

FOUR | Buy life insurance because your employer’s coverage is only TEMPORARY.

If you landed a good job with excellent benefits package, you might have a basic life insurance benefit plan sponsored by your employer. However, this is not enough. It is most likely at temporary coverage only. If you are moving up and look out for better opportunities, you will move from one company to another. Your next employer may no longer have a better life insurance benefit. Going back to the number one reason: buying life insurance at that age is very expensive.




FIVE | Buy life insurance because you are not IMMORTAL.

We do not want to think about dying that is why we do not prepare. However, if you care about your loved ones, buy life insurance to help ease the ones you’ll leave behind in their new reality.




buy life insurance
buy life insurance

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Mitzi
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very intetesting

Leticia
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Leticia

Really great piece! Was really helpful!

Alexandra
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Another amazing post! Thank you for sharing! You make some excellent points! 🙂

Ye Chen
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“Buy life insurance because it is EXPENSIVE to die.” I’m shocked by those numbers. That’s hell expensive! Love the last pointer, so true.

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Stacie
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I love this. Everyone needs to get life insurance as soon as possible. It is SO cheap when you’re young, and it’s important to have. Your family will be out thousands of dollars when you die, even if you get buried in a pine box. I’m not sure that’s even legal anymore.

Emily Zielinski
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I should probably look into this further. I guess its not really a subject i want to think about though

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I’ve never even considered buying Life Insurance but you make a very good point!

Eileen M Loya
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Eileen M Loya

This is something most people don’t like to talk about. But the reality is we will all eventually pass away and we don’t like to be a burden to our surviving family when that time comes. Having life insurance is a must!

Quin Cl
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Very informative and helpful post. Life insurance is very important especially in the Philippines. 🙂

Nigar Rahman
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A single effort can save many lives!Life Insurance is that kind of effort.Yes,it’s painful but also necessary.Thanks for sharing.

Kelly Martin
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Kelly Martin

I haven’t really thought about purchasing life insurance but this has made me think. Thanks for sharing this.

Ntensibe Edgar Michael
Guest

Hhhhmmmmm…..quite a lot to think about, this article has left me….”it’s very expensive to die”!

Emman Damian
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Life Insurance is so important because it aids in our life. Also, in case of accident, we have a fall back.

Carrie | Clean Eating Kitchen
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So important to get life insurance, I got mine last year. It gives you peace of mind if something should happen

Lyanna Soria
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I didn’t know it was this expensive to avail those services. Definitely great for millennials to follow your advice on getting a Life Insurance, it would come quite handy just in case.

Steph S
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Steph S

Insurance is important at every age! I’ve had insurance my whole life because my mom is an agent! She’s always told us the importance of it!

joy
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i had no idea there was such a difference in costs. from 200 to 1.5 million. wow.

Joy at The Joyous Living

Tiffany La Forge-Grau
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Tiffany La Forge-Grau

My husband and I totally plan on doing it once we sell our old house. It is something we have been wanting to do for awhile.