In 2016, a large portion of Millennials are in their mid- to late-20s, which means if they’re not already married, they’re at least thinking about it. And if there is ever an ideal time to take out a life insurance policy, it’s right after you say “I do.”
Purchasing a life insurance plan is a must for married couples in these financially uncertain times. Here are two very big reasons to say yes to a life insurance company:
You are sharing finances
Once you’re married, you will probably be sharing the majority of your financial responsibilities. Most married couples have a joint bank account and credit cards under both of their names. Your combined income will go towards a new house, a new car, and a perhaps a higher standard of living than you had in the past. If one of you should die, however, the other would be stuck with all those expenses on only one remaining income. To ensure that the surviving spouse can move on without financial hardship, it is essential that you have a backup plan, like a life insurance policy with a substantial payout.
You are starting a family
You may not choose to have kids right away, but it’s certainly something you have to keep in mind if you ever want to start a family in the future. As soon as a child is involved, the stakes become a lot higher. If one parent dies, how will the remaining parent support that child on a single income? This is especially important if the surviving spouse doesn’t work or only works part time. Your child relies on the both of you for everything. With life insurance, if one parent dies unexpectedly, you can still care for your child and yourself without making additional sacrifices.
Just remember that the sooner you take out a life insurance policy, the less expensive your monthly premium will be. Just before and immediately after the wedding you will probably have a lot of other things on your mind, but life insurance is not something to let slide.
Studies show that 40% of Millennials have some level of interest in a life insurance policy, and 25% of all consumers are interested in such insurance products. If you are a Millennial, and especially if you’re married or soon-to-be, consult Bankers Fidelity about your best life insurance options today.
