4 reasons why millennials need life insurance | Features | thederrick.com – Oil City Derrick

4 reasons why millennials need life insurance | Features | thederrick.com - Oil City Derrick

If you’re a millennial, the chances you’ve already invested in a private life insurance policy are probably pretty low.

The share of Americans covered by life insurance slid from 63% in 2011 to 52% in 2021 — and the most pronounced decrease has come from younger generations.

kAmxE >2<6D D6?D6 — J@F’C6 J@F?8 2?5 962=E9J[ 2?5 6IEC2 >@?6J 8@6D E@H2C5D E96 =2E6DE :!9@?6[ D>2CE 9@>6 56G:46 @C :?E6C?2E:@?2= EC2G6=]k^Am

kAm(:E9 E96 =2DE `g >@?E9D 7@C4:?8 6G6? J@F?86C 86?6C2E:@?D E@ 4@?7C@?E E96:C @H? >@CE2=:EJ[ cgT @7 >:==6??:2=D 2C6 C6A@CE65=J A=2??:?8 E@ 3FJ H:E9:? E96 ?6IE `a >@?E9D]k^Am

kAmw6C6’D H9J ?@H 😀 E96 E:>6 7@C >:==6??:2=D E@ AC:@C:E:K6 =:76 :?DFC2?46ik^Am

k9bm`] $2G6 >@?6J @G6C E:>6k^9bm

kAmu@C 2== E96 DE6C6@EJA6D 23@FE >:==6??:2=D[ :E’D 2 86?6C2E:@? @7 8@@5 A=2??6CD H9@ 2C6 C6DA@?D:3=6 2?5 DEC@?8 7@CH2C5E9:?<6CD] %96 4@DE @7 2 =:76 :?DFC2?46 A@=:4J 😀 =2C86=J 56A6?56?E FA@? C:D< W962=E9J >:==6??:2=D 2C6 86?6C2==J 4@?D:56C65 2 =@H6C C:D<X[ D@ 3FJ:?8 2 =:76 :?DFC2?46 A@=:4J H96? J@F 2C6 J@F?8 42? 96=A =@4< 😕 =@H6C C2E6D H:E9 E6C> @C A6C>2?6?E :?DFC2?46]k^Am

k9bma] qFJ:?8 =:76 :?DFC2?46 😀 62D:6Ck^9bm

kAm~?6 @7 E96 >2:? C62D@?D >:==6??:2=D 92G6 2G@:565 =:76 :?DFC2?46 😀 3642FD6 :E 92D EC25:E:@?2==J 366? 2 A2:? E@ 3FJ] u@CEF?2E6=J[ 25G2?46D 😕 E649?@=@8J 92G6 >256 :E 62D:6C E@ AFC492D6 2=>@DE 2?JE9:?8] |:==6??:2=D FD6 G:CEF2= 2DD:DE2?ED @C 64@>>6C46 D:E6D E@ D9@A 7@C 8C@46C:6D 2?5 @C56C E2<6@FE] $2>652J 56=:G6CJ 😀 ?@ =@?86C 2 A6C<[ 3FE 2? :?5FDECJ DE2?52C5 E92E 6G6? E96 =:76 :?DFC2?46 :?5FDECJ 😀 368:??:?8 E@ 6>3C246]k^Am

kAm$:8?:?8 FA 7@C =:76 :?DFC2?46 :D?’E 5:77:4F=E ?@H E92E E96C6 2C6 DEC62>=:?65 AC@46DD6D =:<6 E96 “F:=:EJ 5:C64EE@4@?DF>6C A=2E7@C>[ H9:49 2==@HD 2AA=:42?ED E@ C646:G6 2 A6CD@?2=:K65 A@=:4J FA E@ S` >:==:@? 2AAC@G65 2?5 56=:G6C65 @? 2G6C286 😕 E6? >:?FE6D @C =6DD — ?@ 5@4E@C’D G:D:ED @C :?A6CD@? >66E:?8D ?646DD2CJ] %96 `__T @?=:?6 A=2E7@C>[ H9:49 C646?E=J 25565 EH@ ?6H E6C> =:76 AC@5F4ED[ :?4=F5:?8 E96 3C2?5’D AC@AC:6E2CJ “F:=:EJ {6G6= %6C> AC@5F4E[ 😀 E96 ?6H :?5FDECJ DE2?52C5 😕 D:>A=:4:EJ[ 4@?G6?:6?46 2?5 277@C523:=:EJ] %96 4@>A2?J 2=D@ 92D =:46?D65 :?DFC2?46 286?ED 2G2:=23=6 7@C :?A6CD@?[ G:CEF2= @C E6=6A9@?6 >66E:?8D]k^Am

See also  Insurtech Is the Consumer's Annuity Edge

k9bmb] !C@E64E J@FC 72>:=J 7C@> 7:?2?4:2= 3FC56?k^9bm

kAm|:==6??:2=D 92G6 =@?8 AC:@C:E:K65 E96:C 42C66CD 2?5 7:?2?4:2= D64FC:EJ 3FE[ 2D 6G6? E96 J@F?86DE >:==6??:2=D 6?E6C E96:C >:5a_D[ >@C6 2?5 >@C6 2C6 DE2CE:?8 72>:=:6D]k^Am

kAmxE 92D 364@>6 4@>>@?A=246 7@C A6@A=6 E@ 36=:6G6 E96J 5@?’E ?665 =:76 :?DFC2?46 3642FD6 E96J 5@?’E 92G6 2?J 49:=5C6? J6E] qFE ;FDE 3642FD6 J@F 5@?’E 92G6 56A6?56?ED 5@6D?’E >62? E96C6 2C6?’E A6@A=6 H9@ 56A6?5 @? J@F] {:76 :?DFC2?46 H:== 96=A AC@E64E J@FC DA@FD6 @C =@?8E6C> D:8?:7:42?E @E96C H:E9 H9@> J@F @H? @C C6?E 2 9@>6[ 2?5 2==@HD J@FC A2C6?ED @C D:3=:?8D E@ 4@G6C F?2?E:4:A2E65 4@DED 2D E96J 8C:6G6]k^Am

kAmw2=7 @7 >:==6??:2=D 24<?@H=6586 E96:C 72>:=:6D H@F=5 7246 7:?2?4:2= 92C5D9:A D9@F=5 2 H28662C?6C 5:6 F?6IA64E65=J — 2?5 cbT 6IAC6DD65 4@?46C? 23@FE =62G:?8 E96:C 56A6?56?ED 😕 2 5:77:4F=E 7:?2?4:2= 3:?5] %92E’D 6DA64:2==J :>A@CE2?E 7@C >:==6??:2=D H9@ 92G6 =@?8 AC:@C:E:K65 E96:C 42C66CD 2?5 7:?2?4:2= D64FC:EJ[ 3FE 2C6 ?@H =@@<:?8 E@ DE2CE 72>:=:6D 2D 6G6? E96 J@F?86DE @7 E96 86?6C2E:@? 6?E6C E96:C >:5a_D]k^Am

k9bmc] r@?D:56C J@FC 4@D:8?6CDk^9bm

kAm%@52J’D 8C25F2E6D 2C6 DEC2AA65 H:E9 C64@C53C62<:?8 DEF56?E =@2? 563E[ D@ :E’D :>A@CE2?E 7@C >:==6??:2=D E@ 4@?D:56C E96:C 4@D:8?6CD H96? D9@AA:?8 7@C =:76 :?DFC2?46]k^Am

kAmr6CE2:? EJA6D @7 563E 2C6 H2:G65 😕 E96 6G6?E @7 2? F?6IA64E65 562E9 — 2?5 E92E :?4=F56D DEF56?E =@2?D] w@H6G6C[ >2?J >:==6??:2=D 92G6 E96:C A2C6?ED @C =@G65 @?6D 4@D:8? @? =@2?D[ 4C65:E 42C5D @C >@CE8286D] x7 E92E’D E96 42D6[ J@FC DEF56?E =@2? 563E H@F=5 EC2?D76C E@ J@FC 4@D:8?6C 😕 E96 6G6?E @7 2? F?6IA64E65 562E9] p =:76 :?DFC2?46 A@=:4J H@F=5 96=A 62D6 E92E 7:?2?4:2= 3FC56? 😕 2 E:>6 @7 8C:6G:?8]k^Am

See also  New Paper Says Young People Shouldn't Save for Retirement. Advisors Disagree.

kAm|:==6??:2=D 2C6 2>@?8 E96 >@DE 65F42E65 2?5 <?@H=658623=6 86?6C2E:@?D 😕 9:DE@CJ] %96J’C6 962=E9 4@?D4:@FD[ 7:?2?4:2==J 4@?D4:@FD 2?5 D@4:2==J 4@?D4:@FD] *6E[ =:76 :?DFC2?46 92D 366? @G6C=@@<65 3642FD6 E96 :?5FDECJ 92D >256 E9:?8D E@@ 4@>A=6I[ E@@ 4@?7FD:?8 2?5 E@@ :?4@?G6?:6?E]k^Am

kAmr~’xs 92D C2:D65 2H2C6?6DD 23@FE E96 :>A@CE2?E C@=6 =:76 :?DFC2?46 A=2JD 😕 72>:=:6D’ 7:?2?4:2= D64FC:EJ[ D@ :E’D E:>6 7@C >:==6??:2=D E@ 4@?D:56C 86EE:?8 =:76 :?DFC2?46 D@@?6C C2E96C E92? =2E6C]k^Am

kAm— k6>mqC2?5A@:?Ek^6>mk^Am