Millennials now comprising almost a third of the population are not only technology connected but connected with their families, friends and community’s more than any generation before them. Being born in the Great Recession has made this group more resilient, educated, diverse and tolerant than any previous generation and is on track to be one of the wealthiest segments of our population.
For many young people starting out can be difficult with student loans and credit card debit making it difficult to think about saving and investing. However, this is exactly the time you should be looking at your future and shaping it the way you want it to be. Most young people think that life insurance is for families, and while it serves those groups as well, it can be a tremendous investment in your future and your future family. I’m not talking about your dad’s old whole life, or old Universal Life, there are now products on the market that have actually kept pace with you.
Downside protection/no loss of principal
Protection from creditors
Liquidity from Cash Accumulation
Supplemental income at retirement tax free
Lock in your insurability
Tax-free death benefit to your beneficiaries
Can provide cash for Critical/Chronic or Terminal Illness
Can provide money for Long Term Care
Today’s life insurance is for the living and those planning for the future.
In planning for the future and the unexpected people often insure their homes, cars and boats but neglect their single biggest asset; their ability to earn an income. Many people think if they can’t do their job anymore or are disabled they can get state or federal disability. There are only 5 states that have a state
short term disability program, California, New York, New Jersey, Rhode Island and Hawaii. It lasts up to 26-30 weeks (52 in California). The federal disability benefits are not easy to get unless you have an extremely severe disability or terminal illness. The Social Security Administration declines over 80% of claims believing there is some job you can do, ex. a greeter at Walmart. However, if you have your own disability policy and you become sick or disabled, you will receive your benefits each and every month until you return to work or age 67. Many insurance companies offer discounts if you are part of an association, school program or through work. There are several advantages to applying for income protection when you are young. The biggest advantage is the cost, the younger and healthier you are the less expensive the premiums will be. Disability coverage has level premiums, is non-cancelable as long as you pay the premium and some companies allow you to increase coverage without proof of insurability at certain times. If you have not looked into income protection before, now is the time to protect your largest asset, your income.
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