Life Insurance for Your Generation

Life brings many changes, which brings the need for life insurance. According to Quotacy’s blog How to Shop for Term Life Insurance Online purchasing life insurance has never been easier because now you can research, compare, and buy life insurance from the comfort of your own home at any time. No matter what decade you belong to, chances are you have a need for life insurance.

The Millennial Generation

You probably remember racing home from school on Fridays to get there in time for ABC’s TGIF lineup. Whether Cory and Topanga were your favorite couple, or Uncle Jesse and Becky, there was definitely a reason to get to the TV.

As a Millennial, you may be out on your own, but you probably don’t have too many people depending on your income yet. You have to work to make sure to pay rent on time, and slowly pay off your student loans, but you may have less need for life insurance. A small term policy may be sufficient for the time being, just to cover your funeral expenses and any co-signed loans you may have. The younger you are, the cheaper it is too. If you plan on marrying or starting a family soon, this would be a great time to lock in affordable pricing.

Generation X

The Gen Xers probably remember waking up early for Saturday Morning Cartoons. Were you a Scooby-Doo fan or were you more into the cape crusaders and loved Super Friends? Either way, they definitely don’t make cartoons like they used to.

Do you watch the new CGI-style cartoons today with your kids while reminiscing about the old ones? In most cases of Gen X, you now probably have quite the list of responsibilities, children included. Your premature death would create a financial hardship for your loved ones. Term life insurance is an affordable way to make sure your income is replaced in the event of your death.

If you have purchased a home, life insurance needs increase significantly. The burden of paying a mortgage can cause financial strain quickly if one suddenly finds themselves going from a dual- to single-income household. The death benefit of a term life insurance policy gives the surviving spouse money to pay for a nice funeral, continue to pay the mortgage, afford to take time off work to be with family, and make sure the hopes and dreams you had planned out for your children are still attainable.

Perhaps you got a new job? Review your life insurance coverage any time you leave a company. Any employer-sponsored life insurance policy you had will usually terminate, so you will need to find out if the new company offers this benefit. You may need to look into purchasing additional life insurance coverage on your own. Maybe instead of a new job, you decide to become your own boss and start a business. Term life insurance can be a powerful tool in making sure a business can continue running even after the death of a key employee.

Baby Boomers

So, Boomers, who was your favorite castaway? Were you a Ginger or Mary Ann fan? Boomers didn’t have many TV channels to choose from, but many shows remain in syndication even today.

Baby Boomers are also known as the sandwich generation. Many boomers are financially supporting both their children and their aging parents. Today an estimated 60 million families in the U.S. are caring for an aging or disabled person. If you are one of the primary caregivers for a parent, who will provide for them if something happened to you? With people living longer every year, the costs of caring for an aging parent are rising as well. Do you have people in your life who are willing and able to step up to the plate if you suddenly passed and your parent needs help? Term life insurance can make sure your loved ones are still taken care of even after you are gone.

As a Boomer, you also may not be too far from retiring and priorities may shift, which means your life insurance needs may change. Be sure to review your policy to make sure all your debt is covered and the beneficiaries are up-to-date. Life insurance is not a “set it and forget it” product. It’s important to review your policy often to ensure it’s in place to carry out your financial wishes if you are no longer around.

Regardless of your generation, we all have something in common: we want what’s best for our loved ones and want them to feel financially secure. When you buy life insurance, you are securing peace of mind for you and your family. Don’t leave your most important assets unprotected in the sudden event of your death. Quotacy offers instant term life insurance quotes without requiring any personal information to see pricing. After running quotes, their needs analysis tool can help you determine how much life insurance you might need if you are still unsure. Helpful, easy-to-understand language, and making life insurance easy is Quotacy’s goal.

 

2 Comments

  1. Robert