September is Life Insurance Awareness Month- something people of all ages should consider.
Life Insurance Awareness Month is a perfect time to review your current life insurance policy, or talk to an agent about purchasing one. Life insurance policies help your family and loved ones in the event of your untimely passing. Whether life insurance funds go towards funeral services or to supporting your family, you don’t want to be without coverage should something happen to you.
A common misconception about life insurance is that it is only needed as we get older. While it may be the furthest thing from your mind right now, there are many reasons that millennials should consider purchasing a policy sooner rather than later- here are our top three:
1) It is not uncommon for people in their twenties or thirties these days to have co-signers on things such as car or apartment leases, credit cards, or student loans. If your parents (or any other friend or family member) co-signed any agreement for you, they are responsible for paying it upon your death, sometimes all at once.
2) Think about any dependents you have. Could they live comfortably if your income was no longer in the picture? If you have no dependents, a funeral and/or burial will still need to be organized and paid for. These ceremonies usually cost several thousand dollars. A life insurance policy will help cover your loved ones during this time, as well as give you the peace of mind that they will be taken care of if anything happens to you.
3) The younger you are when you purchase life insurance, the less expensive it is likely to be. If you are young and healthy, versus older and dealing with medical issues, you could be eligible for a very fairly priced policy that could last you through the next twenty years.
Life insurance is all about taking care of your loved ones when you’re no longer here. Contact us today to learn more about life insurance and what type of policy would be best for you.