For many millennials, life insurance is not a high priority. A 2015 study from Life Happens and LIMRA found “60% of millennials prioritize mobile phones, internet, and cable over life insurance”. Presumably, this may be because the idea of death may seem far away to millennials. Cell phones, internet, and cable are all elements of one’s day-to-day life whereas the need for life insurance can seem years away. However, life insurance can provide a day-to-day safety net that financially protects the people who depend on your income. As a generation, millennials should take advantage of the fact that they are in the best position to get the most affordable rates on life insurance.
Millennials Don’t Know They Can Lock in Great Life Insurance Rates
Millennials can lock in great rates for life insurance because insurance companies view millennials as “low risk” due to youth and presumably good health. But according to data collected from this Health IQ quiz, the benefits afforded to the “avocado toast” generation is evident to Generation X (1965-1981) and the Baby Boomers (1946-1964), but not to millennials.
When asked, “Which of the following generations is most likely to get the best rate for life insurance?” 80% of Generation Xers and 62% of Baby Boomers answered correctly that millennials got the best life insurance rates compared to only 33% of millennials who understood their own savings potential. 67% of millennials—a majority—do not realize they are in the best position to lock in the cheapest premiums.
Even Millennials Need Life Insurance To Protect Other People
The point of life insurance is to protect people who are financially dependent on you. Traditionally, that includes a spouse or children, both of which represent life stages that millennials are delaying until later in life. However, life insurance can also cover other beneficiaries, such as parents who may have co-signed on a loan and would be held responsible to pay off debts like student loans should the unexpected happen.
For a deal-driven generation with information at their fingertips, it is surprising many millennials are missing such a great savings opportunity. Life insurance for millennials is already affordable and can be even more affordable for millennials who have a healthy lifestyle. Health conscious people like runners, cyclists, high-intensity interval training athletes, vegans, etc. can find exclusive savings at Health IQ. These special rates reward one’s healthy lifestyle with financial gains that leave more money in your wallet. Why not invest in life insurance that rewards you based on the health conscious habits you are already implementing?
Why Should You Get Life Insurance While You’re Young?
Take our short quiz to test your knowledge about the benefits of getting life insurance while you’re still young.