"But, I'm young and healthy" - Why Millennials Don't, but Should Have Life Insurance

"But I'm young and healthy""I'm never going to die" are phrases that I hear all too often when talking to my peers about life insurance. And, I don't blame them for it!

When adulthood is staring at you in the face, the natural reaction is to shut your eyes or turn away. Preparing for the future is a feat that most people don't want to tackle right away.

Now, it's not so much an issue of them not wanting to get life insurance but it's that there are other needs ahead of it. As an example, buying a home, saving for retirement, buying a car, taking that trip are all things that take priority over a solid financial plan. And I get it, theres no immediate reward of purchasing life insurance, but it is the most selfless thing you can do for the people who depend on you.

Not everyone needs life insurance. But, you do when life's major milestones hit. Buying a home, and having kids are the two biggest things that prompt people to get coverage. Here are a few others:

1. Single

Young and single 20-somethings probably haven't thought too much about life insurance, and that's perfectly normal. If you have no debt, and no one depending on you financially you probably don't need a life insurance policy.

But, there are reasons why you would. If you co-signed a student or personal loan with your parents you need to cover that. Some lenders have clauses in their contracts that require an immediate repayment if you were to pass away. If you are a business owner and you take out a loan for your company, not only does the lender require you to have life insurance coverage but you should ask yourself, what happens to your employees and your company if you should suddenly die?

2. Married

Getting married often prompts couples to have hard financial conversations and it's definitely not a bad idea to discuss life insurance.

If you depend on their income or your spouse depends on your income you need life insurance. Get enough coverage to replace the lost income so the surviving spouse can carry on paying the mortgage, saving for retirement, etc.

If you and your spouse have assets and debts in both your names, you could be stuck trying to pay off joint debt.

If you plan to have kids one day you may want to purchase life insurance before you become a parent. This way your rate is based on your age, medical history, and lifestyle choices, which often makes it a lot easier to get a policy because you are young and healthy.

3. Married and Kids

Once you have kids you need life insurance. If something were to happen to you a life insurance policy will help your family handle expenses.

Remember, you can't get insurance once you really need it.

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