If you’re part of the millennial generation, life insurance might not be on the top of your to-do list, but it’s a critical component of financial planning that deserves a closer look. Life insurance can be a smart choice if you’re looking to secure your future and protect your loved ones.
With Royal Neighbors of America, you’re not just buying insurance—you’re joining a 129-year-old membership organization that blends comprehensive life insurance coverage with the joy of giving back, aligning with your passion for social impact.
1. Outstanding Debt Doesn’t Disappear
Millennials are burdened with significant debt, which can be in the form of student loans, mortgages, car loans, credit card debt, and more. Co-signed debts can become a challenge for family members if the borrower passes away. Life insurance can help manage this debt doesn’t become an insurmountable obstacle for loved ones.
2. Financial Protection for Young Families
Millennials who are raising families can benefit from life insurance. It can help provide financial security for children and spouses in case of any unforeseen death. Life insurance is a crucial step towards helping ensure your family’s future needs are taken care of…
3. Coverage is More Affordable at a Younger Age
One of the key advantages of life insurance for millennials is affordability. As Life Happenspoints out, “Getting coverage in your 20s or 30s when you’re young and healthy is usually less expensive than when you’re older. .1” Locking in rates while you are at a younger age allows you to lock in a lower premium rate, making it affordable while you are young and healthy. As you age, your risk of death increases, and so do the premiums for life insurance.
4. Supplementing Employer Insurance
While many employers offer some form of life insurance, it is often not enough to fully protect your family. Additionally, employer-provided insurance is usually tied to your job, meaning if you leave, you lose your coverage. Having your own life insurance means you have coverage no matter where your career takes you.
5. Building Cash Value for the Future
Whole life can build cash value over time which you may be able to tap into due to an unforeseen event.
Drawing inspiration from our founding women who worked tirelessly to make insurance accessible to all, we continue to support our members in every stage of life. At Royal Neighbors, life insurance is more than a safety net—it’s a commitment to your well-being, your aspirations, and your community.
TRN0005; 4-2024
Royal Neighbors of America® (NAIC #57657), is an Illinois corporation and is licensed in all states and the District of Columbia, except AL, AK, HI, LA, MA, NH, NY. Not all products are available in all states. Contractual provisions and limitations may vary by state. Royal Neighbors contracts are not FDIC insured, and are not a deposit account and may lose value.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any financial decision without first consulting their own financial advisor and conducting their own research and due diligence.
