Why Millennials Need Life Insurance

My sister-in-law was up visiting this weekend for Thanksgiving. Steph and I love when she visits because it makes our son, Elliott, so happy!

“Auntie A!” he yells out in joy.

“Who do you want to help feed you?” “Auntie A!”
“Who do you want to give you a bath?” “Auntie A!”
“Who do you want to change your bum? “Auntie A!” “Yes!” (I silently cheer…)

During dinner, we were all talking about our jobs and the conversation eventually turned to life insurance when Auntie A asked “Do I even need life insurance? I have no kids, I’m not married, I don’t own a home, but should I have some?”

Instead of answering myself, Steph spoke up “Yes, you should. If you purchase life insurance when you are younger, it’s so much cheaper, right, Scott?”

I nodded.

“And you’re healthy today. I’m healthy today and Scott is healthy today, but we have no idea what tomorrow brings. If you get insurance when you are young and healthy, you’re locking in cheap rates now and don’t have to worry about finding room in your budget when you do have kids, own a home, or get married. You’re already used to it. Not to mention, you won’t be leaving mom and dad on the hook if they co-signed any loans with you.”

Then I add “And remember, if God forbid, something were to happen to you, your parents would fly up from California, your sister from Japan – wouldn’t it be nice knowing that for $20 a month, it wouldn’t put a financial strain on your family to fly here to say goodbye? We don’t buy life insurance for ourselves. We’ll never see the benefit. We buy it for those we love.”

“$20 a month? That’s it? You need to sign me up.”