Life insurance has always been one of the more difficult insurance policies to sell simply because if you need it, you won’t be around anymore. Unlike other insurance policies, a proper life insurance policy is not designed to provide you with fiscal protection, it is designed to provide your loved ones with fiscal protection after you pass on. This is a message that a lot of millennials seem to be overlooking.
A new report from New York Life’s 2018 Life Insurance Gap Survey found that only 10% of millennials have enough life insurance to cover their self-reported needs should they die. That leaves a whole lot of people out there who could potentially leave loved ones in a very compromising, and expensive, position should an accident befall them.
Brian Madgett, the leader of New York Life’s national life sales and its advanced planning group, spoke with Forbes about this study, saying that “It’s not an issue of Millennials not wanting to get life insurance; it’s more a prioritization issue…The concept of taking care of their families and loved ones is in competition with the big screen tv, car and even that daily cup of coffee.”.
Most people invest in life insurance policies after they have children, but the earlier you can invest the better. Remember, unlike other insurance policies, purchasing life insurance earlier actually means your policy will be cheaper. It makes sense, as you get older your health is more of a risk, therefore a life insurance premium will cost more. If you invest in one when you are young and healthy you will have life insurance when you need it, and for a lot less money.
Like any insurance policy, it is important to do your research before purchasing anything. There are several different types of life insurance, and every policy can differ in important ways. If you are interested in learning more about life insurance, reach out to TGS Insurance. Not only is there staff experts in the life insurance field, but they are always willing to work with you to find the right policy for you. Visit www.tgsinsurance.com to learn more.