THE MILLENNIALS – We are a unique generation with a unique approach to life that includes the way we collect and secure information, gather insights, and make purchasing decisions because of easy access to the online world. This is true when it comes to benefits and financial products — notably securing our future and the need to buy life insurance.

It is no longer surprising that young adults are not into insurance. Why? It is because one believes he has too many other financial worries such as paying off debts, living the YOLO life, saving for future goals, and most especially – having a wrong mindset. Read more here: Top Reasons Why Filipinos Avoid Financial Literacy

Nevertheless, why should you secure yourself with life insurance now? Maybe you ask yourself that question even if you are still young, wild, healthy and free. You probably have an idea how time is an advantage to us. Why do the millennials need to buy life insurance now? It is because when we are still young and healthy, not buying life insurance can inevitably become an expensive mistake in the future. Here are the reasons why millennials should buy life insurance:

ONE | Buy life insurance because it is CHEAP now.

Do you know that amount of premiums we pay for life insurance is based on one’s age and physical state? When you are younger and healthier, you pose less risk to insurers making your premiums very low. Ahh. I’m still young. I’ll buy later. If you don’t buy life insurance now and still wait for your 30’s or 40’s, the result is the amount of premiums will dramatically jump. Now is the time to buy life insurance because it is still CHEAP.

TWO | Buy life insurance because you have DEPENDENTS.

Sooner or later, you will have dependents. You will have your own spouse who you share your assets with, and together you create a family. You will have your own children that you will be sending to school. Suddenly, you die. Your income is suddenly out of the picture. How would they be affected? Yes, they will mourn your death, but would this stress of immediate financial issue add to their stress as well? Think of it – an excellent reason why you need to buy life insurance now.

THREE | Buy life insurance because it is EXPENSIVE to die.

Have you thought how expensive it is to die? Funerals cost money, of course! In the Philippines, the funeral cost is a killer – the only killer made by a dead that keeps the living awake. See image below for you to have an idea how much a funeral costs in the Philippines. If you do not prepare for the future, your dependents will have to cover these costs.

FOUR | Buy life insurance because your employer’s coverage is only TEMPORARY.

If you landed a good job with excellent benefits package, you might have a basic life insurance benefit plan sponsored by your employer. However, this is not enough. It is most likely at temporary coverage only. If you are moving up and look out for better opportunities, you will move from one company to another. Your next employer may no longer have a better life insurance benefit. Going back to the number one reason: buying life insurance at that age is very expensive.

FIVE | Buy life insurance because you are not IMMORTAL.

We do not want to think about dying that is why we do not prepare. However, if you care about your loved ones, buy life insurance to help ease the ones you’ll leave behind in their new reality.

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Cha Esper

Cha of Little Misadvencha is a Filipino Civil Engineer, researcher and a fur mom. She came from General Santos City and finds that everything in life teaches her a lesson. She is inspired to write about and out of her experiences, but later found out that it was her experiences that actually inspire her.