When it comes to matters of estate planning and financial planning, many people are under the impression that they don’t have to consider either until later in life.
Of course, this is one of the biggest mistakes you could make. Regardless of your age, once you make your way into the workforce it’s time to think long and hard about the future.
It’s easy to believe that you have plenty of time to get your ducks in a row (and you do), but that doesn’t mean you should sit back and wait around. Instead, you need to take the initiative to ensure that you are in a good place right now. Furthermore, this will work in the favor of your family in the future.
Here is a brief passage shared on our “Baraboo and Madison, Wisconsin Financial Planning Assistance” webpage:
“The steps you take today are going to guarantee a better tomorrow. No matter your age, current situation, or financial goals, you should contact us to discuss your future.”
With this in mind, if you make mistakes today it could come back to harm you in the future. Is that a risk you are willing to take?
Millennials Need Life Insurance
As a millennial, it goes without saying that you have a lot on your mind. You are young, you are looking to establish your career, and you may even be starting a family. That’s a lot to take on so early in life.
However, you need to take steps today that will protect you and your loved ones in the future. And that is why you should think long and hard about the benefits of buying a life insurance policy.
Once again, you may fall into the trap of believing that you have plenty of time to purchase coverage. And while you can definitely buy a policy later in life, keep in mind that it will cost more.
Tip: the younger and healthier you are, the less you will pay for life insurance coverage. This is why it makes sense for millennials to make a purchase as soon as they feel comfortable doing so. It may be money out of your pocket right now, but it’s something that will work in your favor in the future.
A recently published CNBC article discusses the issue in great depth, noting the following:
“It’s no secret that 20- and 30-somethings are holding off on some of the traditional milestones that would warrant buying life insurance. The median age in 2015 of individuals getting married for the first time was 27.1 for women and 29.2 for men. The mean age for women having their first child in 2014 was 26.3. This age group has also postponed homeownership.”
Even if you aren’t starting a family or buying a home in the near future, you can still look into the benefits of buying a life insurance policy.
For instance, this is something that will protect your co-signers in the event that you pass away with outstanding student loans. Do you really want to leave this behind for somebody else to deal with?
With a life insurance policy, you know that your death benefit will help pay for this type of debt, along with any other final expenses.
Consider Your Options
Making it even easier to purchase life insurance early on is the ability to compare a variety of policies. Maybe you are interested in a term policy. Or maybe you want to purchase whole life coverage today, knowing that it will give you peace of mind for the rest of your life.
As you consider your options, don’t hesitate to request quotes from a minimum of three companies. This will help you find the one that is best for you in terms of the coverage offered and premium.
Estate planning and financial planning can be confusing. Even if you have a solid idea of what you want to accomplish, you never know what the future will bring.
Fortunately, we are here to provide assistance every step of the way. If you contact us online or via phone, you are taking the first step in making key decisions that will benefit you and your loved ones well into the future. How does that sound to you?
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