It’s a haunting dilemma that young people are all too familiar with: should you give up little luxuries to secure an insurance plan or should you postpone it for a later time?
In my mid-20s, my circle includes young adults trying to “ace the adulting thing.” Every day when I go to social media, I see posts by friends who “just said yes,” or are announcing a pregnancy. Younger peers, meanwhile, post beautiful travel photos and pretty flat lays featuring their gourmet breakfast. With the myriad of things youngsters look to accomplish, it’s easy to sweep insurance under the carpet.
While you may think insurance could consume what may otherwise be your coffee or travel budget, getting in touch with a life or health insurance provider as early as now can benefit you. Let’s talk about some of its advantages.
Do you know that you can withdraw from the accrued cash values and dividends of your life insurance plan? It can function the same way as emergency bank savings. Only, they’re not as accessible as regular ATM accounts, so the only time you can quickly withdraw them is during emergencies.
For Medical (and Even Funeral) Needs
Sure, you’re young and healthy, but there’s a reason medical emergencies are called such. They can strike unexpectedly and can be hard on the budget. By maintaining a health plan or life plan, you can be sure your family is financially prepared in the event something unexpected happens to you.
For Your Retirement
Ask your insurance provider about plans and investments intended to keep you covered during your retirement. As retirement cuts off your primary source of income, insurance can help put food on the table and pay the mortgage, as well as your utility and medical bills. If you manage to keep your love for travel well into old age, you’ll need to start investing as early as now to receive a retirement fund that can finance your wanderlust.
It’s such a good time to be a young adult, what with the many things to see and explore. Ironically, however, despite the amount of spending liberty Millennials enjoy, not many seem to be thinking about the future. Take my word for this: insurance will not impede your lifestyle. Yes, you may need to cut on some luxuries, but insurance will benefit both you and your entire family, as well as protect you from the unexpected.