Everything Millenials Need To Know About Life Insurance

​Choosing the right type of life insurance is confusing and daunting, especially if you are just in your twenties. But it is worth noting that having life insurance early on is an essential part of adulting. Getting insured is a significant decision. Here are some tips every millennial needs to know before considering getting life insurance.

When To Buy Life Insurance? 
Single: When you are young and single, getting insured is not on the top of your list. But one thing you must consider is that if you have co-signed a student loan with your parents, you have to think about the financial responsibility and obligation that could affect your parents. 

If you die suddenly, some lenders say in their contracts that the loan balance needs to be paid as soon as possible. It will immensely help your family to cover your debts and liabilities if you have life insurance to pay them out. 

Married: If you are married and live in a state where assets and your debts are divided equally when you pass, your widow could end up shouldering all the obligations you have left behind. 

It is also a good idea to get life insurance before having children because your insurance rate depends on your age, lifestyle choices, and medical history. It is much easier to get an insurance policy when you are healthy and young. 

Some insurance companies consider childbirth a pre-existing condition making your insurance rate higher than before you got pregnant or worse. It could get much more complicated even to get one. 

What Kind Of Life Insurance To Get?
There are two kinds of life insurance, Term and Permanent:

Term Insurance: This type of insurance covers and insures you for a specific time. Terms usually last 10, 20, or even 30 years. If you pass away while your policy and insurance are still active, then you are covered. Once it expires, you are no longer protected. 

Permanent Insurance: This type of insurance covers you your whole life. Permanent insurance does not just offer payouts after you die, but they also create savings accounts where you can earn a small guaranteed profit and interest. 

Over time, these small interests grow, and when you need it, you can borrow from it. You have to repay the amount that you have borrowed so it can continue to grow. You can also use the money saved to pay off your premiums if needed. 

Conclusion: 
Choosing the best life insurance for you can be difficult, but it does not give you the excuse not to take action. Go with your gut and trust the right people. 

At Oncken Insurance Agency, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at(281) 256-8310 or Click Here to request a free quote.