Finance

8 Reasons Why Millennials Need Life Insurance Now

Did you know that you lose money in your bank stored over time? That’s what you call inflation. The value of money decreases through time which explains why the prices of certain goods would rise in a few years and the trend just gets higher. This is where insurances enter to assure you of financial capacity to survive through life’s ups and downs which works best when started young. You may have heard of terms such as Pennsylvania life insurance, Prosperity Funds, Sun Life Insurance etc. We will talk about what it means to have life insurance and why this may be your lifesaver when the rainy days come.

Money works for you

When you subscribe to insurance services, you set aside a portion of your money to work for you through investments. Most people end up broke even if they worked all their life because they only worked for money, from paycheck to paycheck. Investing in life insurance makes your money work for you so that you could still be financially free long after your retirement.

Funerals are costly

We will all die someday and not even death is for free. Someone is going to pay for that costly permit and funeral service and we wouldn’t want to be a burden to our children when we pass away. Having insurance means that the funeral costs will be covered by your insurance company, saving your family’s bank account from dying as well.

Health services covered

Accidents happen as well as certain illnesses that may need treatment in the hospital which is beyond our control. The worst part is when we need hospital treatment at a time when we are struggling to make ends meet. Insurance services cover this and save you a whole lot of trouble from getting stressed when you need to rest.

Cheap at an early age

The best time to invest in life insurances is when you are young especially once you have just started to work which most millennials find themselves in. Starting young gives you a headstart in making your money grow even in small parts which explains why most insurance products have a low price per month or per year for the young investor compared to an older one who may only have a few years left to work.

Debt-free

We all have our debts to pay and for the young millennial, that could mean credit card, house mortgage or even for a newly purchased car. Having insurance for the long term will help a lot in covering for accumulated debt through the years, leaving no inherited liability for your children.

Children’s Educational costs

Any experienced family can share the horrors of having to pay for educational costs from a mere paycheck that at times couldn’t even feed the whole family. Investing in insurances at an early age will give you the necessary financial leverage for higher education costs for your children so that your salary can be used elsewhere.

Company benefits may not be enough

Most companies offer certain benefits for loyal employees who have retired after a certain amount of years of service. The problem comes when the company goes bankrupt in the future or perhaps may not suffice for your needs once you retire. We don’t know what the future brings so it’s better to be safe with insurance.

Insured to be Assured

Lastly, it pays well to be assured by being insured. Life insurances have a certain guaranteed amount of money which is always higher than your original investment. This gives you peace of mind with regards to the money you set aside for your retirement or as a legacy for your children to multiply once you pass away.

Miller Carlisle Insurance Services can help you find the best Pennsylvania life insurance that fits your needs. Contact us today and let’s discuss how we can help you.

Leave a Reply