Why Millennials Need Life Insurance

Millennials have a unique set of needs in terms of insurance. Although health insurance is vital at any age, it’s becoming more apparent that life insurance is beneficial to have at any age as well, even if you’re a millennial. You’ll find purchasing a policy through Castillo & Associates Insurance, serving Tucson, AZ and the surrounding area, will give you a peace of mind.  

1. Student Loans 
The student loan debt that you’ve accumulated doesn’t just go away after you pass if somebody else co-signed for your loans. If your parents signed for a loan for you, they’ll have to pay the balance of your loan. You could leave your family financially responsible for a debt they didn’t accrue. Although you hope when you’re that young there isn’t a chance you’re going to pass, but you never know. Accidents happen behind the wheel, in a plane or anywhere really. You could even develop an unexpected illness. By having insurance, you’ll be prepared for whatever happens.   

2. Preparing for Children 
Millennials are at the age where they’re either having children or at least starting to family plan. Once a child is there, it might be too late to open a policy if something should happen during delivery. In some cases, you’ll find yourself procrastinating on opening a policy because it’s just too expensive, and there’s so much else your family needs besides a life insurance policy. If you want your children to have money to maintain the household and for their care, you’ll need to have life insurance for whoever is responsible for them after your passing.  

3. More Affordable when You’re Young 
As you age, the price of life insurance increases. The earlier you purchase insurance, the cheaper it is because insurance companies realize your health declines as you age, and you’re more at risk for certain potentially life-threatening health conditions as you age. Therefore, if you purchase life insurance early, you’ll be able to lock in that cheap rate before the price increases over time.  

Contact Castillo & Associates Insurance, serving Tucson, AZ and the surrounding region, today for a quote by calling 520-323-0220.