Building Fiscal Stability
Generation Y (18 to 29-year-olds) and Generation X (30 to 45-year-olds)
Although many members of Generation Y may think they don't need life insurance, if they have loved ones who are dependent upon them (or plan to have them), or if they have debt that their parents' co-signed, they need life insurance. While Generation X needs life insurance because of all the generations, it has the most dependent children, both Generation Y and X should consider buying it now because:
- Members of these generations are young, so premiums can be attractive. If they wait to buy life insurance until they marry and begin raising a family, their premiums will be higher due to their increased age, or they might become uninsurable.
- Buying whole life insurance early in life can help a policyowner develop a solid financial foundation for life.
And the Other Generations?
Baby Boomers (ages 46-64) may need life insurance because 66% of them are married and may need life insurance to protect a spouse or partner.* In addition, they can use the cash value in their whole life policies to supplement their income during retirement. The Silent Generation (ages 65+) also may need the cash value in their whole life policies to supplement their income, or they could use the death benefit in their policies to help with estate planning.
"The future is always beginning now," concludes Mark Strand, poet, editor and translator. Contact your MTL insurance advisor for more ideas on how planning today can help you reap benefits for a lifetime. If you don’t have an advisor, click here to find one.
*LIMRA, 2014
Form No. Flex: P44 |
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