We know what you’re thinking, millennials: “Why do I need life insurance?” Well, this is the first hurdle you need to overcome. Getting life insurance cover is so crucial and at a young age, you are at an advantage because premiums can be much lower. Do you have a car? A mortgage? A child? If the answer’s yes, then you should be covered.
In fact, even if you don’t have these things, it’s still important to get insured while you’re young because you just don’t know what life has in store for you. There would be nothing worse than being unprepared for a bad situation and leaving your loved ones with no financial aid.
So, now we’ve convinced you to get life insurance, it’s time we educate you on how to go about it and what to look out for when you’re searching for a life insurance policy, online. That’s why we’ve created this guide to help you. Even better, you have absolutely no excuse not to get covered. Thank us later…
1. Don’t be stingy, invest in permanent insurance
Although it may seem like you’ll be around forever, life is unpredictable, which is precisely why you need a good life insurance policy, even if you are a young millennial. Permanent life insurance may be a little pricier but there’s a reason for that – it always pays out when you need it. This type of insurance is a real investment for your family’s future when you’re no longer around to provide financially, and is a lot more beneficial than term insurance.
2. Take advantage of online knowledge
At school, we were taught algebra and the circumference of a circle, but not important life lessons like how to buy life insurance. That’s where insurance comparison sites like Cuuver.com come in handy. Investing in life insurance is one of those subjects that is self-taught, with a little help from insurance blogs and price comparison websites. So, in the age of Google and help at the touch of a button, take advantage and find yourself the cheapest life insurance deals.
3. Be honest
If you are a smoker, you’re probably well aware of the health implications this can cause you in your lifetime and, consequently, how this bad habit can increase the cost of your life insurance policy. Don’t be telling porkies on your insurance document to receive cheaper cover; you will get caught out.
4. Ask questions
Whether you’re asking your friends, your family or even yourself as you go over the policy on your laptop, it’s so important to ask questions. Getting the appropriate cover is so crucial and, though getting life insurance shouldn’t take you forever, you should spend time assessing what you need out of your policy and if you’ve correctly answered all the questions needed to finalise your policy. So, ask yourself the following questions:
– Who do I want to protect?
– How much coverage is enough?
– What coverage have I signed up for?
– Have I answered all of the policy questions correctly?
5. Don’t just consider it, buy it
Time and time again, millennials somehow find a way to convince themselves that they don’t need life insurance, even if they’ve made the effort to look into getting covered. Yes, it’s an expense, but so is your phone insurance and you’ll happily pay that to protect your phone. So, why don’t you invest in protecting your own life, too? Think about it, what’s more important?
This should not be construed as advice and is for guidance only.