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Why millennials should consider buying a life insurance policy?

The problem with life insurance is that the person who pays the premium does not immediately experience the full benefits of this investment. And this prospect has a negative effect for young people, writes MoneyWise.
Why millennials should consider buying a life insurance policy?

The survey conducted by the Life Insurance Marketing and Research Association in 2021 found that only 49% of American millennials had life insurance. Kevin Wark, a tax consultant and managing partner at Integrated Estate Solutions, says many young people only apply for insurance when they have special needs and usually opt for lifetime policies because they are inexpensive.

“When you're dealing with younger clients, you know their investment is limited, as they have recently had families, a home and they are at the beginning of their careers. Therefore, buying a life insurance policy from them is the last priority,” Wark believes.

But they will regret this choice later. “You should buy your first policy at least at the age of 25. This is important because after a certain age, term life insurance premiums can double or triple,” the expert notes.

There have been significant changes in the way of life of millennials in the past decade, but the values ​​​​have remained unchanged. The new generation retains its idealism, loyalty to the desire to build a better world and belief that business can and should help society.

“Millennials are the most self-aware generation. A balance between work and leisure is important for them, which positively affects productivity and overall health. However, one can notice the desire for idealism in this generation, the workplace often has to be the “work of life” so the social package is not important for them. Therefore, the consultants should explain to young people that they have to protect themselves,” the tax consultant concluded.

Source: https://moneywise.com/insurance/life/young-people-permanent-life-insurance

Photos are from open sources.

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