Source: USA Today

“When respondents in the insurance survey were asked how much a $250,000 term life policy for a healthy 30-year-old would cost each year, the median estimate was $500, over three times the actual cost of $160. Millennials in the study, ages 18 to 36, guessed an even higher amount: 44% pegged the cost at $1,000 or more a year, compared with 29% of older respondents, the insurance study said.”

If you were born between 1978 and 1998, you’re a Millennial according to the media (no matter how much you HATE being called one). You’re probably in a stage of life where you’re settling down, buying a house, having some kids, and working to further your career. You’re probably well on your way in all of those plans even. But have you considered Life Insurance? A lot of Millennials think that they can’t get it for a number of reasons.

I, myself, am counted among the Millennial generation (and I hate it) and I have a 30-year term Life Insurance policy, so I’m here to answer some of the questions that you might have if you think Life Insurance is not right for you. And look, I get it, everything is getting more expensive, and you’re feeling squeezed as you’re trying to make the best of your life, but you really can’t afford to miss out on Life Insurance at this stage of your life.

Myth: It’s too confusing

Life Insurance is actually pretty simple, especially Term Life Insurance. Basically, if you die during an agreed-upon term, the insurance company pays your loved ones the amount that you agree upon.

It’s really that simple.

And the amount your loved ones get is usually much, much higher than if you were to save the money yourself. Let’s say you have a 30 year Term $250,000 policy and it costs you about $20/month and you die on the 29th year of the 30-year-term. If you didn’t get the Life Insurance policy and instead just put the $20 into a savings account every month for 29 years, not offsetting interest and inflation, you’d have set aside only $6,960 for your family (the average cost of a funeral is about $7,000 by the way). However, if you got the $20 per month, $250,000 30 year Term policy, your family would get the $250,000.

Which would you rather have? $6,960 or $250,000?

Myth: It’s too expensive

Most young people overestimate the cost of Life Insurance by a lot. Like, by over three times as much! According to LIMRA, their survey asked people ranging in age from 18 to 36 to guess how much they think Life Insurance costs per year. The average guess was about $500 per year while the actual average cost is only about $160 per year. Almost half of the survey group even guessed as high as $1,000 per year (which is WAY over the actual $160/year cost, by the way). If you get Life Insurance, you CAN get a plan that pays more when you die, but you should expect a higher monthly premium. The point is, all insurance policies are different and there’s no one-size-fits-all when it comes to Life Insurance.

Myth: You don’t qualify

You may be thinking, “I’m still young; why would I need Life Insurance?” Truth is: if you have people in your life that are financially dependent on you, or you have debts that would need to be paid by your family (like student loan debts) if something were to happen to you, then you are a good candidate for Life Insurance.

Speaking of the cost of Life Insurance again, you as a Millennial qualify the most! There is no other time when your Life Insurance will be cheaper than it is today. Let me say that again: your Life Insurance will never, not-ever be cheaper than it is today, right now. The older you get and the more your health history changes as you age (and it will!), your Life Insurance quotes will only go up. So what are you waiting for? Get a Life Insurance quote right now.

You’re not a good candidate for Life Insurance if you have no spouse and you never want to have one, no kids and you never want to have any, and no debt and you never want to own a home or you have no student debt. If that’s you, then good for you.

Everybody else should get Life Insurance.