If you are a millennial, you are likely in your late 20s to early 40s. At this stage, you might be focused on buying your dream car or house, starting your own business, planning your child’s education, saving for that much-anticipated international vacation, securing your parents financial future or even working toward early retirement. With so many aspirations and responsibilities, you must be looking for a powerful tool. A life insurance plan can serve as a powerful tool to safeguard your dreams and ensure you achieve your goals, no matter what life throws at you. Let’s take a closer look as to why you should buy life insurance now:

1. Financial protection for loved ones
A life insurance plan offers better financial protection for your loved ones when you start young. As a millennial, you are likely at a stage where your family dynamics are shifting. Your parents are ageing, and the responsibility of supporting them may now rest on your shoulders. Additionally, most millennials have reached the age where they are getting married or planning to have children. Securing the future of your loved ones through a life insurance plan can help you ensure that your family members remain financially protected in your absence.  Plans like term insurance and whole life insurance are easy on the pocket when bought early and provide unmatched financial protection for your loved ones.

ADVERTISEMENT

2.  Safeguards your family against debt 
Life insurance will also secure your family from your debt. As a millennial, you may have student loans. You may also be purchasing your first house with the help of a home loan. These debts can become a burden for your family if something unfortunate happens to you. Life insurance ensures that your loved ones are not left with the responsibility of repaying your loans in your absence. The payout from the policy can cover your outstanding loans and ensure this burden won’t fall on your family members.

3.  Better savings and investment opportunities 
Some life insurance plans, such as endowment policies or Unit-Linked Insurance Plans (ULIPs), include a savings or investment component that can help you build wealth to buy your dream house or plan your child’s education. Starting early with such plans can give you a significant financial edge as you allow your investment to compound for more years by the time you decide to fulfil your dreams. 

ADVERTISEMENT

4. Affordable premiums
Not just more time for your investments to grow, purchasing a life insurance policy in your early 20s or 30s costs you significantly less compared to buying a similar policy in your late 40s. Since the premium amount remains fixed, if you purchase life insurance in your 20s or early 30s, you will continue paying the same premium even into your 40s or 50s. Over time, this can help you substantially, saving you thousands of rupees over the policy's tenure.
So, don’t wait – secure your family's future and achieve your goals by investing in a life insurance plan today.

TAGS

The comments posted here/below/in the given space are not on behalf of Onmanorama. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.