Different generations may be thinking about purchasing life insurance for a variety of reasons – from a new home to a growing family to retirement income. Whether you’re part of the Baby Boomer generation, Gen X or are a Millennial there are many reasons to purchase a life insurance policy to help protect your loved ones.
Millennials (born 1982-2000)
Buying life insurance when you’re younger is a great way to plan for the future. Some Millennials are getting married, purchasing homes and having children later in life, so getting coverage now has many benefits.
- Policies cost less – The younger and healthier you are, the less expensive coverage is. Health issues later in life can cause premiums to increase, so it makes sense to get a policy while you’re younger and potentially healthier.
- Plan ahead – By purchasing now, you can build a foundation for later in life when your life insurance needs may be greater.
- Protect your cosigners – Life insurance can help protect family members that may have cosigned on any loans you have – including student loans, home loans and personal loans.
Gen X (born 1965-1981)
Gen X arguably has the greatest need for coverage, as many members of this generation have growing financial responsibilities and dependants. From a spouse to growing children to a mortgage and retirement planning, there are a lot of things to consider for life insurance coverage.
- Maintain your family’s standard of living – If your family is suddenly without your income, you want to help make sure they can live comfortably and meet ongoing expenses.
- Pay for college expenses – College costs rise every year, and you want to help ensure your children can go to school even if you pass unexpectedly.
- Coverage for the mortgage – Consider a term life insurance policy with coverage that is at least equal to the term and cost of the mortgage. This can help ensure your loved ones can pay the mortgage and stay in the home after you pass.
- Support for family members who depend on you – The Pew Research Center reports that members of Gen X are replacing Baby Boomers as the sandwich generation, who are financially taking care of both their own children as well as their parents. Help make sure those who depend on you are protected.
Baby Boomers (born 1946-1964)
With retirement in mind, you want to make sure that the income you and your family rely on is protected. Plus, most employer-provided coverage will expire upon retirement, so it’s important to consider an individual plan to continue coverage through retirement.
- Income protection – Using life insurance as a means of income protection can help make sure your spouse can continue to meet ongoing expenses if you were no longer there.
- Support for family members who depend on you – Whether you are taking care of aging parents or adult children, it’s important to have coverage in place to help protect them.
- Final expense coverage – Funerals and final expenses can be costly – having coverage in place will help to alleviate the burden on your family.
No matter what generation you’re part of, we offer many coverage options – from term policies ranging from 10 to 30 years to whole life policies that can be borrowed against and provide cash value.
Having adequate life insurance is a great way to help plan for the unexpected. If you don’t have coverage in place now, Amica Life can help suggest coverage that’s right for your unique needs. With people leading more active lives and living longer, life insurance is more affordable today than it’s ever been. In fact, consumers overestimate the cost of life insurance by up to two times the actual cost.1
To identify the right coverage for your unique needs and to see how affordable life insurance can be, give us a call today at 844-753-5433.
1 LIMRA 2015 Insurance Barometer Study