Today, Millennials, young adults or you (if you're aged 18-30) face numerous financial challenges in addition to everything else they have to tackle - from confronting student loan debt to working out how to save for retirement.  Budgeting, enjoying the summer festival season and paying back debts are a priority. As a result typically one of the things that Millennials tend to put off is making sure they’re covered when it comes to life insurance.

In fact, it’s not surprising that surveys have shown that the under 30 crowd is significantly more likely to lack things like health and life insurance than older consumers. When you’re just getting started in your career, you’re relatively healthy and think you are invincible, spending your hard earnt cash on life insurance may seem like a waste - but there are some good reasons to buy it sooner rather than later.

1. It’s likely to be cheaper
Life insurance premiums are based on several factors, including your age and overall health. It stands to reason that the younger you are, the less you are likely to pay for coverage, especially if you don’t smoke or have any pre-existing health conditions. This is because as a young and healthy person you are less of a liability to the insurance company. If you wait until you’re in your thirties or forties to buy life insurance, you’re more likely to pay more, so it can make good money sense to lock in a lower rate now.

2. You’re independent and you don’t want to burden your family
It’s no secret that today’s graduates are burdened with record-breaking levels of student loan debt and if something were to happen to you, it could fall on your parents to clean up the mess. If you’re a newlywed and you’ve racked up some credit card debt on a joint account or jointly bought a home with your other half, you have to consider whether your partner would be able to handle the load alone. Buying life insurance could take care of these financial issues so your loved ones have as little stress to deal with as possible if you pass away.

3. You feel it’s your responsibility
Millennials are waiting longer to get married and have children but if you’ve got an early start, you probably feel it’s your duty to make sure your little ones would be taken care in the worst-case scenario. This is particularly important if your spouse is a stay-at-home parent since they’d need the money to replace your income - at least temporarily. Even if both of you work, life insurance could still come in handy when it’s time to pay for higher education costs down the road.

4. Your employers’ insurance may not be enough
If you’re fortunate enough to land a job that offers an excellent benefits package, you may already have some life or death in service insurance through your employer. For Millennials who don’t have a family, workplace coverage might seem like enough but buying a separate policy can still be a smart move. If you were to develop a serious illness and couldn’t work, it can cover you if your employer’s policy lapses. Also, if you are laid off, change jobs or your employer goes out of business, you will likely lose the coverage of an employer-sponsored plan.

5. Your employers’ insurance may not be the best policy for you
Even if you are offered life insurance through your employer, it might be more expensive to add coverage than to buy a separate policy. The rates may be higher through the group life insurance offered by your employer. It also might not offer the features that you care most about or meet your individual needs.

Managing your money in your 20’s usually involves a lot of trial and error but learning as much as you can about the basics gives you an advantage. Life insurance may be the last thing on your mind but it’s something that Millennials should consider as part of their larger financial plan. We can compare the types and prices of life insurance policies available to you and offer free, no obligation advice. To request that one of our advisors call you, you can leave your details here or call us on 0800 612 8005.