Why Term Life Insurance is Perfect for Millennials
With rising costs of living and low salaries, most millennials have put off purchases that can be seen as major life milestones. Cars and a new house count as some, and the addition of life insurance turns this into a spending procrastination trio. Despite this, out of all three, life insurance is something that is easily achievable even with the meagre salaries of millennials, and maybe the most worthwhile too. Here are some reasons why:
1. Affordable Premiums
Like most millennials, you are just getting started with your career, with salaries reflective of a beginner’s level. With low salaries, it is a good idea to purchase things based on something that provides the most value for your money. Enter term life insurance. This insurance policy is relatively cheap especially for young people, offering life insurance coverage at a low premium. For example, ManuProtect by Manulife offers coverage from premiums as low as RM0.15 a day.
2. Keep Yourself Covered
Some companies offer their employees personal accident insurance upon joining, life insurance if they’re lucky. However, you will not enjoy the benefit should you leave the company. So, it would be wise to get your own insurance policy so that you’re covered no matter the circumstances of your career.
3. Keep Your Dependents Covered
Dependents refer to those who rely on you for income. They could be your spouse, live-in boyfriend / girlfriend, or a relative you provide long-term care for. Getting term life insurance will help provide for them financially should anything untoward happen to you. It’s best to be prepared for any situation, if not for your own benefit then for those who rely on you.
4. Easy to Understand
Basically, term life insurance provides coverage for death and Total and Permanent Disability which is the basic life insurance protection.
5. Policy Flexibility
As its name suggests, you can choose the term that fits your needs (normally 10, 20 or up to 80 years). For example, if you are a young parent, you may opt for a 20-year term so that your family will be financially protected until your children are through university. In addition, most term life insurance offers options to convert the plan to a whole life policy later on.
6. Cover Your Expenses
In the event that (knock on wood) something happens to you and you pass on, even if nobody depends on your income you would still have to cover costs for funeral and to settle any remaining debts. Term life insurance can cover these expenses so you don’t burden another party in the event of your passing.
Term life insurance is much more affordable than other types of insurance in the market. Best to be prepared and have no regrets in life, so do consider getting a policy today.
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