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.
Death is inevitable and, regardless of how you feel about that, there will be family left behind who will have to manage “your estate.” Now the word estate may conjure up images of Downton Abbey or an oil baron’s fortune, but if you are leaving anything behind, that is your “estate.”
Buying life insurance is like sending a love note from the Great Beyond, like a final gift to our loved ones saying, “I would give anything in the world to be with you, but since I can’t, I’ll do what I can and that’s making sure you’re taken care of financially.”
At the age of 19, I lost my mother to cancer. Because she had no life insurance, I experienced many financial hardships and found myself in desperate need of college funding. That’s when I came across the LIFE Lessons Scholarship Program and applied. From the moment I was awarded the $7,500 scholarship last year, my life had made a complete turn, and I’ve been sent on an impeccable journey I never thought possible.