Millennials, It's Time To Consider Life Insurance

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Did you spend your childhood gaming on Sega Genesis, keeping a Tamogatchi alive, and texting in T9? If so, it’s time to move “life insurance” to the top of your to-do list.

This year, it’s looking more and more like Millennials are helping define the future of the life insurance industry. According to new research from LIMRA, for the first time in years, the industry saw a significant demographic shift, with the under-45 crowd showing the biggest growth in life insurance applications and outpacing their Gen-X counterparts. In fact, as of May 2021, they estimated that 50% of Millennials had plans to buy life insurance in the next year.

Whether it’s caused by the lasting psychological effects of the COVID-19 pandemic or the fact that many Millennials are now starting their own families, one thing is clear: if you’re part of the Millennial generation, there’s never been a more accessible way to buy life insurance online. Plus, if you’re in excellent health, you can save on your monthly premium.

When it comes to educating themselves about life insurance however, Millennials might need some help. Dayforward, a new life insurance company, has simplified the process of applying in a way that’s easier to understand and helps maintain your family’s same standard of living. Plus, they’ve rounded up a few things for Millennials to keep in mind when shopping for a life insurance policy.

Whether you work a traditional 9-5 job, are in the freelance world, or are even the primary caretaker at home, Dayforward can help protect your loved ones with life insurance that protects your, your spouse/partner’s, or your household’s steady stream of income until your kids are grown up. No matter where your income is coming from, it’s important to have a policy that can help your family maintain the same quality of life they had while you were alive. Start by looking at who depends on your income today and what expenses still need to be paid in the event of your untimely death:

Future expenses, paying off a mortgage, or sending your kids to college. ● Other bills, debts and long-term payments.
General day-to-day living costs.
After-life expenses (Dayforward, for example, gives you an additional $10,000 to help cover funeral costs).

Purchasing life insurance today is easier than it was for your parents. While conventional life insurance often involved confusing calculations and a drawn out buying process, things have definitely changed for the better. Online quick price tools can not only get you a quote in seconds, but can help you get a faster approval, and great rates.

If you need another reason to buy life insurance ASAP, applying now could help you lock in a better rate than if you were to wait. While it can be hard to think about what-if scenarios, purchasing life insurance while you’re young and healthy can often get you a better price than if

you put it off. Plus, getting life insurance for your family today will make sure they’re financially taken care of until your children are grown up (unlike your gigapet from back in the day...oops!)

See also: CHEAP LIFE INSURANCE

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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