If you’re a millennial, you might think life insurance is something only older people need. You might assume you’re too young, healthy, and invincible to worry about what happens after death. However, whether you believe it’s too expensive, complicated, or dull to deal with, you couldn’t be more wrong. Millennials need life insurance. It is a smart, responsible way to protect yourself and your loved ones from life’s financial risks and an excellent opportunity to save money and achieve your goals.
While the term millennial can be misleading, often sparking thoughts of young adults approaching their mid-20s, this generation is of prime life insurance buying age as of 2023. Today, millennials range in age from 27 to 42, as explained by Pew Research, many with their own homes, families, and careers.

In this blog, we’ll share reasons to consider getting life insurance, even if you’ve yet to hit 30.

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Get the Lowest Rates Right Now

Your age is one of the most significant factors determining how much you pay for life insurance. The younger you are, the lower your premiums will be. This is because you are less likely to die or develop health problems that could increase your risk. As a millennial, you qualify for the lowest rates now than you’ll probably ever find.

Lock in a low rate by choosing a long-term policy, such as a 40-year term, which could save you much more money than purchasing later in life would. And if budget is your primary concern, Legal and General America explains that term life insurance is an excellent choice. Term life insurance, beginning at as low as $8/month, is the most straightforward option that can be used for a specific period at a set price.

Own Your Policy

Another benefit of getting life insurance as a millennial is that you can own your policy. This means that you have more control and flexibility over your coverage. While you may have life insurance through work, that isn’t always enough. Your work coverage may be limited, temporary, or tied to your employment status. If you change jobs, start your own business, or retire, you might lose coverage or be required to pay more.

By owning your policy, you can increase your self-sufficiency and avoid such issues. Choose how much coverage you need, how long you want it for, and who your beneficiaries are. You can also keep your policy regardless of where you work or what you do.

Protect Your Income, Debt, Loved Ones, and Legacy

The most important reason to get life insurance as a millennial is that you can protect your income, debt, loved ones, and legacy. You might think you don’t need life insurance – especially if you don’t have anyone depending on you. But that could change in the future. Whether you plan to get married, have children, or support aging parents, life insurance is present for all the major milestones.

Life insurance can provide financial security and peace of mind for those who matter most. It can help them pay for funeral costs, medical bills, debts, mortgages, rent, education, childcare, living expenses, and more. Lastly, life insurance can be used to create a legacy for your friends or family, such as a trust fund, scholarship, or business.

Consider AdvantEdge Payroll Benefits & HR Life Insurance Policies No Matter Your Age

Life insurance isn’t just for older people. It’s a valuable tool for millennials who want to plan ahead and protect their future while locking in the lowest rates. If you want to get life insurance or simply learn more about it, contact AdvantEdge Payroll Benefits & HR today or apply for life insurance directly. Together, we’ll find the best policy to suit your needs and budget while preparing for future success.