Fear of missing out—is more than just a hashtag to millennials. Many Millennials admit that #FOMO drives a lot of their decisions on what they wear, what they do, even what they eat and drink. We live in a world of social influence.
But one area where #FOMO really does you a disservice? No one is afraid of missing out on the benefits of life insurance. And why should you? There are so many other things competing for your money. That said, do you know what you’re missing out on by not having it? Are you making one or more of these mistakes?
Three in four Millennials overestimate the cost of life insurance—sometimes by a factor of 2, 3, or even more! Imagine being able to afford life insurance for the cost of that daily latte, and for less money than your avocado toast habit!
Nothing could be further from the truth, and yet four in 10 Millennials think this is true, according to the same study! Younger candidates have an easier time getting life insurance because they are generally healthier.
In an era where social networking does all things, it’s natural to think that your loved ones can crowdfund their way to solvency after something happens. But life insurance benefits aren’t taxed like GoFundMe proceeds are, and life insurance has a defined, immediate payout that GoFundMe does not. Plus, your loved ones don’t need the stress or the stigma of having to ask others for help.
In fact, one study recently suggested that many Millennials are more concerned about planning their next night out with a significant other than planning for their financial future. But sensible steps now will make for a better future with that significant other long past tomorrow night’s date.
Take a look at your student loans. Were any of them private loans? Who is liable for them—in full, often immediately—if something happens to you? There are other debts you may need to consider as well—anything where you have a co-signer.
Millennials are getting married, having families! Young families have enough to worry about with daycare costs and increased medical costs, right? Well, imagine what your young family would do about those bills if something happened to you. Could your spouse pay the rent or mortgage without your income?
One recent college grad recently confessed to me that he hadn’t elected into any of his employee benefits at the dream job he got in his field because “my dad takes care of that.” He was shocked to learn what he was missing out on!
Yes, adulting *is* hard, but a sound financial plan that includes retirement and insurance coverage (health, life, and disability insurance are all part of that plan) goes a long way to making sure that you don’t look back on your younger years and think, “Oh, why didn’t I start this sooner?” Plus, you don’t have to do it alone—that’s what insurance agents are for. They will sit down with you at no cost, or obligation, to discuss what you need and how to get coverage to fit your budget. But then, signing up—that IS on you. Don’t miss out.
For more myths read here.
Do you zone out, hear nothing at all or just hear blah blah blah about insurance? Well, not to worry: we’ve got the low-down on what you need to know and it’s not boring or overwhelming, I swear!
You know about savings, you know about retirement. You might know a bit about investments and long-term financial planning for your health and happiness. And life insurance helps with planning for your loved ones’ long-term health and happiness, especially those who depend on your income, in case something was to happen to you.
In addition to employment-based life insurance (which typically only lasts as long as your employment at your job), there’s term and permanent life insurance.
Sure, there are forms of life insurance that get pricier the more features you add on to it, and the price goes up if you’re a smoker or dealing with health problems. But most people think policies costs about three times as much as it really does. For an example, a healthy non-smoking 30-year-old man can get a €250,000 30-year level term policy for about €18.23 a month. Click here for a quick quote.
Getting married? Having kids? Changing jobs? Bought a house? Significant life events are often the time you become most aware of the need for life insurance—and on that note…
Perhaps you have a life insurance policy that your parents got for you when you were a baby. Perhaps you have a term policy from when you bought your house but now you have a bigger family and you’re concerned about getting them all through college. Or perhaps you want to bump up your coverage because your overall cost of living has changed. And on *that* note …
Sometimes people think life insurance is to pay off their own debts and funeral expenses. But a key advantage of having a policy is to ensure that the people who depend on you will be OK with their on-going and future financial needs if something happens to you. Need help figuring this out how much? Go to this online.
Because life insurance doesn’t get tangled up in estate claims, it generally pays out quickly, sometimes in days or weeks.
Keep your premiums paid up and your beneficiaries up to date, and the door with your agent open so that your loved ones know who to call if needs be. Keep your paperwork with your other vital documents.
Using a specific kind of policy, life insurance benefits can become “living benefits,” money you can access before you die, or use to pay for long-term care, as two examples.
If you still need help getting a handle on all this, talk to us. We can help you understand the ins and outs and the best policy for your budget and needs. Because of course—the most important thing to know about life insurance is that it’s there to help the people you love the most. Contact us today.