6 reasons Millennium If Consider life insurance (even if you do not have children)

There are facial recognition software that the name of your friends and ask you if you want to mark on your social media profile. You can text message to someone across the world, and you can play a video game with a complete stranger on another continent. Technology has made so many amazing things over the last 20 years, but there is still no way around our own mortality.

While it is never pleasant to talk, your death is inevitable. It's easy to forget that when you're young. Everything seems to go as planned, and most young people have few links with the sorrow of death, out of the way of their grandparents.

But adulthood is an advantageous time to buy life insurance. The advantages to do are many. If you are not sure whether you need insurance or not, consider the following:

1. You have dependents. First, life insurance is not for you. It is for those you leave behind. People who depend on you-your load. Dependents must not be children. For insurance purposes, these are people who rely on your income, which would have to go without, if something were to happen to you. This could be a spouse, boyfriend / girlfriend live with that you own a home. You should also consider your children, parents, grandparents, siblings with special needs, etc.

If you have dependents in a situation of long-term care (or those you might consider requiring such assistance in the near future), or because of old age or disability, the life insurance is a necessity. Most young people simply do not have the financial means to cover those kinds of expenses of long term care. An insurance policy can help.

In addition, if you have a spouse who stays at home, consider the ramifications of your death. that person would not only be forced to get a job outside the home, but pay for child care as well. How long do you think your spouse might find something that would cover these expenses?

Life insurance gives you peace of mind, knowing that your loved ones would not be affected financially by your death.

2. The costs are lower. life insurance premiums are risk calculations based on mortality. Since the average life expectancy is 79 years old somewhere around there is less risk for a company to ensure a healthy millennium. Less risk for the company, means relatively cheap premiums for you. Coverage can usually be obtained for pennies on the dollar. (Think of the cost of a fancy latte every week.)

The premiums are based on the applicant's age and the rates generally increase with age. If you buy a policy as 20 something, it will be at a lower rate than if you wait until you're 40. You could save a few hundred dollars a year, as long as 30 years, if you act now versus later.

more, qualification for cover as a healthy millennium can be much easier and less expensive than the application after you have been diagnosed with a health problem. Do not wait. A health problem may arise overnight and qualify for a life insurance policy can be a very different experience once you have been diagnosed.

3. You want an additional savings vehicle. If you still have a reason to dig into your savings, consider purchasing a permanent life insurance policy that has not only a death benefit, but a savings component so . You can borrow against it and using it in retirement, according to the policy and company behind it.

Think of a permanent life insurance plan as a portfolio asset that will help you secure your family and your retirement. Your generation understands the importance of saving for the future. A permanent life insurance policy can help you do so with minimal effort on your part, plus there is no limit to what you can contribute to some of the savings, unlike a 401 (k) or a Roth IRA. Once you're retired, you can draw on some of the savings tax-free policy.

4. You want to extend your insurance-backed company. Millennials who are lucky enough to have a good paying job with excellent benefits can benefit from life insurance through their company. While this provides some peace of mind, consider purchasing other, independent coverage. If you become ill and are no longer able to work, work your policy will not cover you. Since you have been diagnosed with a terminal illness, you may not be able to get a life insurance policy at the time. Now when your family needs the most advantage, they did more. Also the most basic coverage does not cover everything your family needs at a time when they are ill equipped to meet their needs.

5. You want your funeral expenses and liabilities covered. Although nobody depends on your income, such as a spouse or children, you must consider your debts and funeral expenses. The only way funeral costs between $ 10,000 and $ 15,000. Some debts would be lifted to your death while others would be collected by whatever assets you have left. Your parents are able to manage such expenses or will it create financial difficulties for them?

Millennials want to decide what amount of coverage they need to pay for funeral expenses and bad debt when deciding the amount of insurance coverage.

6. You want to take advantage of riders for more coverage. Life insurance is not all about the death benefit paid to your loved ones. There are also riders that can be added to policies to meet the needs for things like long-term care and disability. You are more likely as a young person to be injured in an accident that you are to be killed in one. If you were injured and unable to work for a certain period, or permanent disability, do you have a plan in place to cover your expenses? A disability rider to your life insurance policy may protect against the unexpected.

Frankly, most people will ever need financial comfort provided by a life insurance policy while they are young. But if your family is the one that makes your forward thinking and planning will facilitate their concerns during a very challenging period. How will you plan for your future?