The average millennial probably does not think that he needs life insurance. Why do you need life insurance when you are nowhere near the end of your life? Life insurance is something that your parents get through their employers or that they buy separately to supplement their other insurance. While it might be difficult to think about the topics that surround life insurance (namely: what is going to happen with your finances if you were to die?), life insurance is still critical for the average millennial.
Why? Because if you are an average millennial, you probably have student loan debt. Even if you are steadily trying to pay it off, you have a large burden of debt. Who is going to be saddled with that debt if you were to die before you could pay it off? As with most debts for people in between the ages of twenty and thirty-five, you probably have a cosigner, usually a parent or possible a spouse. They would be responsible for paying back all of that debt.
You need life insurance just as much as anyone who is married, with children, or at a later stage in their life. Plus, life insurance gets more expensive the older you are when you try to purchase it. It’ll be cheaper if you purchase it now and let it follow you through life.
What kind of life insurance do you need? You need enough to cover whatever expenses might be left behind if you were to die, including student debt, college tuition, rent, mortgage, etc. Make a list of your debts and expenses and then talk to an insurance company to find a plan that is perfect for you and this stage of life.
