The previous generations have a lot of opinions about us Millennials and it can be understood because we are the new and improved citizens of society. A Millennial is someone born from early 80’s with certain traits that can be described as bold, creative, practical, eco-friendly, caring and carefree. As Millennials, we are a vital demographic role in the consumerism model but lots of research is coming up where we are not big on purchasing life insurance. So in this article, I’d like to discuss what the reason for this may be and what made me buy life insurance before I had to.
*If you’re here for life insurance then simply pick a plan type from the life insurance quotes tab or fill out the quote box to your right. It will provide you with no exam plans that can be secured within a few minutes to few days opposed to 3 months like traditional plans. And a quick note, getting life insurance at a younger age enables you to lock in dirt cheap rates for the duration of the plan.
My Story
I actually started this website to provide life insurance information and quotes to consumers who needed a life insurance agency online. At that time I was selling insurance products for a few years and was around 25 years of age. As a life insurance professional, we are trained that life insurance is needed when someone depends on you for your income so I didn’t see the need for life insurance as I was not married and didn’t have any children. But one day it dawned on me that if something was to happen to me I would want my girlfriend who I live with, my parents and siblings to be better off than they were. Personally, I realized if I died I would want them to get a lump sum of money so they can have a better life. I started thinking how someone close to them dying doesn’t have to only be a tragedy but can enable them to pursue their dreams. That along with the fact that I was able to get a $1 million dollar policy for $30 something bucks per month made my decision very easy.
I ended up applying for no medical exam policies since I know the hassle of applying for traditional plans and within a few days I was covered. And let me tell you, there was an invisible weight that came off my shoulders with happy feeling knowing that if I died I would still be able to show my affection for my close ones. So even if you don’t have a mortgage and a bunch of little rug rats there may still be people whose lives you can change.
Reasons to buy Life Insurance as a Millennial
As a younger individual it is hard to see the need for life insurance and in some cases, there is really no need for it. But for those of you wondering what are some motivators to secure a life insurance policy as a Millennial here are some:
- Cost – Life insurance rates are primarily determined by a person’s age and overall health. As a younger individual, you can get ridiculously low monthly premiums and most people under age of 50 are pretty healthy so you’ll get the best health rating category. For example, a healthy 25-year-old female can lock in a $1 million dollar policy for the 20-year term for $26/mo versus $182/mo if she was 55 years of age. The big takeaway here is even if you don’t have a family now but planning on having one it is much more cost effective to secure a plan while you’re younger and healthier.
- Loves Ones – Even if you don’t have dependents wouldn’t you want your loved ones to have a large sum that can make their lives better. You may want to ensure that your siblings go to college or that your mother gets her dream home or your granddad gets to check off his bucket list(just kidding). As busy individuals, we don’t realize it but there is a large network of people who we love and care for dearly that would be quite devasted with our death. All I’m saying is in the event that you do die isn’t it better to leave something positive like a large sum of cash.
- Charitable Giving – As Millennials, we are very passionate about preserving nature and promoting ethical movements on this planet. As an individual, you can have your life insurance proceeds go to a charity or research center of your choice. Imagine if every person would secure a life insurance policy just to fund some kind of research group or nonprofit organization for less fortunate. The world would be a much better place, wouldn’t it?
- College Loan – If you’re like most American Students you had your parents co-sign on your college education loan. If this is the case you definitely should get a life insurance policy to ensure that they don’t get stuck with the bill if something was to happen to you. Even in the case that your parents paid cash for your education, it is still wise to insure yourself.
- Funeral Cost – Last one is, of course, is about being responsible. I don’t know about you but I wouldn’t want people having to come up with 10 to 15 grand at my funeral. Getting a life insurance policy even for a small amount can ensure that your funeral and any final admin fees associated with death will be covered as well.
As you can see there are enough reasons to secure a life insurance policy so it is a big wonder why millennials are not buying into it. Because I am both a millennial and a life insurance startup owner I may have an idea why.
Why don’t Millennials buy life insurance as much?
I have seen 1000’s of applications and dealt with even more individuals when it came to life insurance. This is why I have a pretty good understanding of why my fellow generation doesn’t like to buy life insurance as much. The most obvious reason is that no one reaches out to where Millenials are to educate them for the need and benefits of a life insurance policy. You see our parents were practically best friends with their insurance agent so they understood the importance of life insurance.
The other issue is that most traditional agents still practice sleazy sales techniques and Millennials see right through it. Unfortunately, this sleaziness then gets associated with life insurance as well. Besides most Millennials like to shop online and that’s why we created our site in the first place. Another and final reason is that the traditional life insurance application process is one of the most dreadful things you can do. Not only you have to fill out a long application, you then have to get a medical examination and wait up to 3 months to get approved for the policy. There is a solution and is actually what I ended up going with, a no medical exam life insurance policy that can be completed electronically with lighting fast approvals. In some cases, you can even get your policy delivered to your inbox.
So at the end of the day is not that Millenials don’t buy life insurance rather that no one is adapting to the way this new intelligent generation operates. If the life insurance industry focuses on Millennials then they will improve the process entirely for everybody else as well.
Work With US!
If you’re a frustrated Millenial who doesn’t want to work with push local agents you’ve come to the right place. Here at InsureChance, we work with over 60 top rated insurers which allow you to make the companies compete for your business. We also happen to specialize in electronic and no exam life insurance that you can secure from your phone, tablet or computer. And if you need a live professional on the line, our agents are friendly and don’t practice pushy sales tactics rather an educational approach. If you’re ready to move forward simply request an application on our site or call us at 888.492.1967!
