“I can’t adult today” is an expression that many millennials have heard friends say, seen as a slogan on a t-shirt or perhaps uttered themselves (maybe even multiple times in the same week).
While the sentiment strikes a chord with many, the reality of the situation is millennials now comprise the largest percentage of the country’s workforce, according to the Pew Research Center. This generation is now in the prime window for “peak adulting” – that is to say, getting married, having children and, of course, committing to 30 years of debt with a new mortgage.
But another adult decision that it’s time for millennials to put some serious consideration into is life insurance. Unlike the aforementioned weddings or additions to the family that take months of planning and adjusting to, once you know what you need, signing up for a life insurance policy is a process you can get started in a matter of minutes.
Learn about your life insurance options with AAA Insurance.
No Better Time Than Now
Millennials were ranked most in need of life insurance in 2022 by the Life Insurance Marketing and Research Association’s (LIMRA) annual Insurance Barometer Study.
Now would be the ideal time for millennials to sign up for life insurance, though, as insurance is generally cheaper for younger, healthier individuals – the right policy could result in saving significantly over the coming years.
Additionally, for those who receive life insurance through their employers, it’s important to examine if that amount would cover what you want it to cover in the event the policy is needed, meaning funeral costs, future college tuitions for your children, monthly living costs and any other outstanding debts. Most people find that the additional coverage gives them added peace of mind that they are securing their family’s future for the road ahead.
Be Kind to Your Budget
That all sounds good, but can you afford it? Another takeaway from LIMRA’s 2022 study was that millennials were the most likely generation to overestimate the cost of life insurance – by an average of $1,000 per year.
It varies based on policy, but many options would be cheaper than what the average American household spends on movie/TV streaming services ($55/month according to J.D. Power) or a typical monthly internet bill, which Nerdwallet estimates to be around $47-$69 per month.
Let Us Help You
If any of this still gives you those “I can’t adult right now” vibes, don’t worry. Our qualified agents can walk you through the process and find the best option for you.