5 Reasons Millennials Need Life Insurance

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If you’re in your 20’s and 30’s, buying life insurance probably sounds like some of the financial advice you hear from your grandparents. You won’t find anyone telling you not to buy that weekly latte in this short read; Instead, we’re sharing one of the easiest ways you can level up in 2022: by buying a $16/month* term life policy.

All it takes is 10 minutes to cover your assets (and protect your family from footing the bill for your student loans). 

It’s most affordable while you’re young and healthy

Life insurance companies look at your age and health when you apply for coverage. Young, healthy individuals get a lower rate because they’re considered “lower risk” by the insurance carrier. This means that you can get rates as low as $16 a month* for a term life policy – with no need to go to a doctor or fill out a pile of paperwork.  

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Pro-Tip For Homeowners
A 20-or-30-year term life policy would cover the length of your mortgage term and any student loans to ensure your loved ones wouldn’t have to cover those costs if you were to pass away.
Your co-signers might have to foot the bill for your loans

If your parents co-signed your student loan, mortgage loan or credit card, they could be on the hook for those payments if you were no longer able to make them. Your life insurance policy would cover these costs for your loved ones: If your parents co-signed your student loan and they’re your chosen beneficiaries, the death benefit of your policy would go to them to cover those bills. If you pass away without life insurance, your loved ones might have to pay your debts out of their own pocket.

Your employer-sponsored coverage isn’t enough

If you have life insurance through your employer, you’re off to a great start! However, your job usually only covers one to three times your annual salary in a life insurance payout. In reality, you’ll need about 10 times your annual salary to ensure your loved ones are taken care of, debts are paid off or your business debt is covered if you were to unexpectedly pass away.

This is especially important if you have young children, as they will need financial support to continue their way of living if you are no longer around.  

Funerals are expensive

According to the National Funeral Directors Association (NFDA), the median cost of a funeral is $7,360, but with a vault (required by many cemeteries) this cost rises to $8,755. The average cost of a funeral and cremation is around $6,200. If you have life insurance, your family won’t have to face the financial burden of an expensive funeral. 

Free money! Get rewarded for healthy living

Some term life insurance policies offer rewards for healthy living. Whether it be completing a daily exercise regimen or quitting smoking, your life insurance company may offer benefits such as gift cards, discounts at certain stores and restaurants or even a smartwatch to help you maintain a healthy lifestyle. 

Quility Level Term = the millennial’s solution to affordable life insurance

Getting term life insurance is a smart and simple way to protect your loved ones and your finances. If you have a mortgage or carry debt, term life insurance ensures that your loved ones aren’t left with this burden when you’re gone. With Quility Level Term, you can apply for coverage online and get your policy delivered to your inbox in 10 minutes or less. No doctor’s visits or consultations are needed.  With all the money you’ll save on your life insurance policy, maybe you’ll have room in the budget for your own Netflix subscription 😉.  

If you’re ready to get coverage, fill out our online application in 10 minutes! And if you’re inspired to keep your to-do list moving, check out what else you can do in 10 minutes on our blog

Let’s Get Started

If you are ready to get coverage now, our online application takes less than ten minutes.

*Quility Level Term rates are based on a 20-year term for a 35-year-old female. 

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Calie Brummer
Head of Digital Communications
Calie Brummer is a staff writer and Head of Digital Communications at Quility Insurance with a focus on financial well-being and life insurance solutions.