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Why Millennials Need Life Insurance…Like, Now

May 19, 2017

Insurance. Over easy.

Growing up is hard to do…but Our Life Covered℠ can help make shopping for life insurance as simple as a food truck brunch menu.

How Millennials spend their money is a topic of much discussion. Ours is a generation that wants good education, good stories, good food, and good wifi. We may not remember the pain of writing a research paper without the Internet, but some of us remember dial-up, and we never want to go back.

While real estate mogul Tim Gurner’s recent comment that avocado toast is the reason Millennials can’t afford to buy houses is clearly oversimplified, it’s true that we spend significantly more on fancy food than our parents did.

We value experiences over things, and we make it our goal to live in the moment. We’re doin’ it for the ‘gram, and no matter how much you crop and filter, it’s hard to click “like” on life insurance…which is why most of us will unblinkingly fork over $12 for a craft margarita in a Mason jar or throw an extra $100 a month at the cable bill to make sure we can watch Shameless AND Game of Thrones, but we have trouble justifying the expense of an insurance policy.

Read on to learn a little about why life insurance is so important for Millennials…and then head to ourlifecovered.com so we can help you find an awesome policy without digging too deep into your brunch fund. *wink emoji*

Go the distance, live in the moment.

We’re a pretty healthy generation, overall. We sweat out our sparkling rosé flights in hot yoga class and jog to the juice shop in sustainably made vegan running shoes. We eat kale salads, and quinoa, and of course lots of avocados.

Death is depressing, and because thinking about accidents and illness is also depressing, it feels very far away. So understandably, we’d rather plan for the weekend than for the end of our lives.

Should our parents have life insurance? Of course. Should we get life insurance when we have kids? Sure. But right now, we’re just trying to live our lives and pay off our student loans.

Speaking of student loans…

Ah. Student loans. We suspect that it’s these, and not our tahini-drizzled avocados on sprouted grain toast, that are the biggest impediment to financial greatness. Millennials hold an average of $30,000 in student debt, and depending on where you went to school and how many degrees you earned, that number can easily reach six figures.

But the same debt that we cite as a reason for putting life insurance on the back burner is one of the biggest reasons we should find room for it in the budget right now.

While federal loans are discharged in the event of death, most students need to take out private loans as well to cover the cost of education. Private loans usually require a co-signer, which means that if something happens to you, that person is on the hook for your outstanding debt.

This means that in addition to the cost of a funeral (which can be thousands of dollars even if it’s very simple), your grieving parents (or someone who loves you enough to co-sign your college loan) will be faced with the obligation of paying back a daunting sum of money that was borrowed for the purpose of ensuring a bright future that you won’t ever get to have. Awful, right?

A life insurance policy can help take care of those expenses so that your family can just be sad instead of sad and broke.

Can I get my tab, please?

OK, but how much is this really going to cost?

Less than you’d think, as it turns out. A 2016 survey by Life Happens and LIMRA showed that 80% of people overestimate the cost of life insurance.

For example, a healthy 30 year old can purchase a 20-year, $250,000 term life insurance policy for—wait for it—as low as $13 per month.

So you might not be able to buy a house for the cost of your avocado habit, but you can certainly buy peace of mind for yourself and the people you care about.

Ready to find a life insurance policy that fits your budget? Our Life Covered is on it! Crack your knuckles, chug your green juice, and head to ourlifecovered.com to click your way to a free quote.

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