With all the things today’s young adults have to consider, life insurance is not usually at the top of their list. In fact, the Associated Press says that millennials are the least-protected age group today when it comes to any form of insurance. Although the COVID-19 pandemic has begun to increase their interest in life and other forms of insurance, many believe they still cannot afford it.
Typical reasons given for the disconnect include the notion that life insurance costs more than it actually does, and the reality that other financial considerations such as student loans and first mortgages are gauged higher in priority.
Millennial Life Insurance Educational Resources
At Farm Bureau Insurance in Arkansas, we understand the challenges of this stage of life, so we’ve put together a list of informative sites on the topic (all with perspectives outside the insurance community) that outline solid reasons for millennials to check into life insurance today.
Seven Reasons Why Millennials Need Life Insurance
SmartAsset offers straightforward advice to young people outlining basic reasons it’s smart to consider life insurance now, plus two important tips for smart financial planning.
Why Millennials Need Life Insurance
Life insurance can help young adults “fill in the (financial) gaps,” this wealth management group suggests, since they have not yet had time to put away funds for retirement or buying a home. The Wealth Guardian Group website also shares tips to help you figure out just what type of policy you need.
Life Insurance and Millennials—What to Consider Now
This guide for those in their 20s and 30s offers things to consider that make purchasing life insurance at this age such a great bargain, along with a calculator to quickly give you an estimate of its cost. It prioritizes one question to determine if you need life insurance: “Would someone else be financially worse off if you died?”
Millennials are Confident about Financial Help but are Underinsured
This Princeton-sponsored research shows that millennials are the least likely to have any kind of insurance, including life insurance. This online service provides the insurance industry’s largest network of information, and is not affiliated with any insurance company. The site offers tips on how to shop for any kind of insurance, and includes a calculator to find rates and services fast.
Smart Tactics for Millennials Flocking to Buy Life Insurance
The Associated Press reveals that nearly one in three millennials say they have “felt an increased need for life insurance because of COVID-19,” and points out its affordability for young people. It emphasizes two main benefits of life insurance at this stage of life: replacing your income and paying off debt.
Life Insurance 101
Life Happens is a nonprofit organization dedicated to educating people, including millennials, with “unbiased information to help you make good insurance choices.” It also has a simple calculator to figure your insurance needs and costs.
Start Your Life Insurance Journey with Farm Bureau Insurance
Are you a millennial who needs to get started with life insurance? The first step is to contact a local Farm Bureau Insurance agent for a no-risk quote. Use our Agent Finder to start.