Millennials, use this knowledge to your advantage when deciding on life insurance.
There’s no doubt that the Millennial generation is changing everything we know. From how we do business to where we do business to how we communicate, Millennials know a thing or two about advancing us forward. However, there is one area in which they severely lack knowledge: life insurance. Many 18 to 30-year-olds are under the misconception that only older people need this coverage. This simply isn’t true and can help them to protect their lives more than they may realize.
As an insurer, make sure that your millennial client understands the need of life insurance. Check out what your clients should note before dismissing life insurance coverage.
It is Multipurpose
Life insurance covers several expenses your family might deal with, both in the long-term and immediately after your death. Different areas with which life insurance can help include:
- Covering the absence of your income
- Funeral and memorial costs
- Enables your beneficiaries to hire people for services that you provided
- College fees for your kids
- Paying off bills such as credit card debt, your mortgage, etc.
A Policy to Suit Your Needs
Another thing you should know about life insurance is that there are two main types: term and whole. Term insurance is the simplest and less expensive of the two, while also being the most widely available. It covers you for a set period. Whole life insurance covers you for your entire life and comes with a savings mechanism called ‘cash value,’ which assures that your policy stays in perpetuity.
Lock in Low Rates
Experts always advise getting term insurance before turning 30 because it costs less the younger the person is. Generally, those in their youth are in better health and have a decreased risk of sudden death. Similarly, when someone ages, their health declines, but their life insurance premiums raise. For the best rate, be sure to lock it in early.
Advantage Partners Network can guide independent insurance agents in boosting their business offering training to sell to clients with money on the mind. A professional hand in pointing agents in the right direction is incredibly valuable. Contact us today to get started.