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If You Are a Millennial, Why Wouldn’t You Buy Life Insurance?

Life insurance is one of those topics most people would rather not talk about. I get it—and I’m in the life insurance business! But even if we would rather talk about something else (sports!), it’s easy to see why someone with a family and a lot of financial commitments needs this type of protection.

When we talk about life insurance to a Millennial, though, you think we have just plain lost it. Why pay money you don’t have yet to protect the family you don’t have yet, either?

It’s a good question, but I have a good answer. I have five good answers, actually.

1. You Can Get a Great Rate, Now

Say you’re 25 years old, have no spouse, no kids, and none in sight. Think you don’t need life insurance? Maybe you don’t. But if you wait until you do need it, you’ll be older and maybe less healthy and it will cost more. You could buy $500,000 of life insurance for $20.29 per month(1) right now, and then you’ll have it available later when your circumstances change.

2. The Future Is Uncertain

Not everybody can qualify for insurance. I hope you’ll always be able to qualify, and maybe you will, but I can’t predict the future. Neither can you. But if you buy life insurance now while your a young Millennial, while you do qualify, you’ll have coverage no matter what happens. It’s like insurance for your insurance. Why not?

3. You Can Protect Those Who Care About You

You might not have dependents yet, but there are people who care about you. Do you think your little sister will be able to go back to work the day after you pass, like nothing happened? Think again. And think about all the costs involved—can your parents cover that without hardship? And then there’s your debt. Remember that your family can inherit some types of student loan debt.

4. You Can Give Yourself Options

Most people buy life insurance multiple times, so buying now doesn’t mean you won’t also buy later. It does mean that when you go to make that purchase a couple of years down the road, you’ll have more options. For example, you’ll have the conversion option. You can take that term policy you bought at age 25 and convert it to permanent coverage within the term period. There are several reasons you might want to do that, including extended protection and tax-free cash value accumulation—but you won’t be able to do it if you don’t buy that first term policy now.

5.Buying Insurance Can Be Easy

Ok, this one isn’t just for a Millennial. The fact is that underwriting is getting easier (we’ve discussed that HERE and we will discuss it more). Depending on your situation and which carrier you go with, you may be able to apply online—no paperwork and no medical exam. Your policy could be in force within days. Again, that is true for many older people, too, but if you’ve been thinking you have enough hassle in your life already, don’t worry. Getting insured could be the simplest, most straight-forward thing you do this month.

You Can Thank Yourself Later

When you are older, you’ll be able to thank your 25-year-old self for making the purchase. I own an old term policy myself and I pay just over $20 per month for it. Whenever I see that premium deducted from my account, I thank myself. Well, not really, ‘cause that would be cheesy, but you know what I mean.


  1. Protective Customer Choice 20 year term policy with select preferred rating and issued in North Carolina