Do Millenials Need Life Insurance?
Alright, let’s get real.
Thinking and talking about any kind of insurance is not typically on top of our list of fun things to do. Taking action to get proper protection is practically the last of our priorities.
We are often willing to insure many of our most prized possessions- new car, our health, the house you bought or the apartment you recently rented, heck…even our pet’s health. So why is it that we are so willing to immediately dismiss insuring our most important possession, our own life?
In my opinion, most millennials (like me), think that we are invincible.
This isn't necessarily a bad thing – it doesn't do any good to live day-to-day worrying about the what-if’s. However, this kind of thought process can tend to harm us more than help us. We (like other generations) seem to think that, “nothing bad will happen to me” or that bad things happen to other people.
Reality check: bad things can happen to anyone AND most often we are not prepared for if or when they do.
Take me for example…
Just shy of five years ago I thought I could take on the world and that nothing would ever happen to me. I was a perfectly healthy and happy 20-year old and in my mind I was untouchable. I was working three jobs and going to school full time. I wasn't finding much time for sleep but that was the least of my worries. I had basic health insurance coverage through work, and I felt like that was more than enough regardless of having little to no understanding of my coverage and options. I believed that I was all set and on top of the world. I learned in a split second that I was so wrong about that.
In December of 2009 I was on my way home for the night. I had just finished finals at school that day, and I was ready for a nice break from classes before things got crazy again! On my drive home I was listening to my music and warming up with my heated seats. The cold mid-December temps in Minnesota weren't something to mess with. I started getting tired fast but just kept driving because I couldn't fathom anything bad happening to me. Next thing I remember is waking up in my car on the side of the road.
I waited for help and had no idea how bad things were. Once the fire department got there and began using the Jaws of Life on my car, I knew things were not good. I remember the start of the morphine drip in the back of the ambulance and all of the red and blue lights. Next time I woke up it was ten days later; I was in the hospital and I was missing my right leg. They told me that I fell asleep driving going close to 50 MPH and that 40 feet of guardrail went through my leg. Just a few more inches and the guardrail would have been through my torso and I would have been killed. After 19 surgeries and a 51 day hospital stay, I was healed enough to go home.
The morning before my accident it was just another day. I had left my laundry on my bed to put away later and had lots to do when I got home. I almost didn't make it home, but of course that was nothing that I thought would ever happen to me. In retrospect, I think about what could have happened that day and how lucky I am that I survived my accident and only lost my leg. I think about how devastated my family would have been and how different things would be. Even though this wasn't on their minds at the time, I think about how difficult it would have been for them to financially go through the loss of a loved one. I think about how they would have been responsible for some of the student loans I have and how tough it would have been for them to pay for funeral expenses etc. It was that day that I learned, I am not some special exception, bad things can happen to me too. That’s when I learned how important it is to have life insurance, even at 20-something years old.
Why Now Is the Time to Get Insured
We can afford it!
As millennials, life insurance will never be cheaper than it is right now.
We know we are not getting any younger! Insurance premiums rise as we get older, so if you want the best deal, get it now. For me, I think about paying my premium as going out to dinner one less time a month. It doesn't get much easier or more affordable than that.
Getting life insurance now is one less thing you have to worry about later. Even if you are without a partner, a mortgage to think about, or children right now…the truth is that you never know what the future holds. Most millennials are at a time in our lives in which we are insurable – and it will never be more affordable than right now.
Written by Kate Ross
This blog post is from the Author's perspective and doesn't speak for brightpeak financial. Contact brightpeak if you want to know more about brightpeak products, and keep in mind that they are not available in all states and there are some limitations (some exclusions and restrictions may apply).