For the fourth consecutive year, Life Happens and LIMRA have been checking the pulse of the American people and their attitudes on life insurance, retirement and their financial well-being. The just-released 2014 Insurance Barometer Study shows that Millennials, those age 25-34, show the highest level of concern across all generations for common financial planning issues, including […]
While the statistics of passing away at an earlier age is low, the financial consequences of not planning for that possibility can be high. The younger the family, the more protection you generally need. Often there is still student debt and a mortgage, as well as day-to-day living expenses that need to be addressed. Additionally young children will require years care and have future educational needs. Life insurance financially protects the family you love.
If you are diabetic and looking for life insurance, be sure that you work with a life insurance agent who can look at various companies and help you “shop” for the most affordable life insurance rates for your condition. When speaking with an agent, be prepared with details of your health history. The agent is on your team and there to help you get the best possible rate, so honesty is the best policy.
Unlike health and car insurance, many retirees opt to drop their life insurance policies when they drop their jobs. The logic being that if someone is in a position to retire, they are generally financially stable enough that their death will not leave a spouse or other loved one struggling to make ends meet. While you don’t need life insurance under these circumstances, there are a few reasons why you might want to hold onto your policy.
The lackluster economy and student debt aren’t the only things holding back Millennials from attaining financial independence and success. Let’s take a look at five money mistakes Millennials tend to make—and see how we can correct them.