Term life insurance for millennials
Hello everybody. This is Chad McMahon with protect with insurance. This is another life insurance episode. Now this one is term life insurance for millennials. And this may sound like a silly topic if you’re not a millennial, but to millennials, it’s crucially important because millennials are in that.
That time right now, they’re the perfect age for getting protection. That’s going to cover them. That’s going to cover their family. And so it’s, it’s important. They want to be in a good policy with a, a strong, trusted, a rated. Life insurance company that is going to reliably pay their loved ones. If something happens to them now, millennials, again, they’re at that age, we all felt this way.
At one point where we just feel invincible. I don’t feel invincible anymore. I’m not old, but I, you know, I don’t feel invincible anymore. And I know that that’s just not the case, but, millennials are at that age bracket where it’s just ideal timing. So first thing is you want it to be with a solid well trusted company, reliable company.
You want it to be a program that they offer. That’s going to be ideal for your needs, the term life insurance program that is going to fit, fit the needs that you have in your family has. And then the third thing is you want it to be a good price. I mean, you want to save as much money as you can, because it’s something you’re going to be paying on for the next 30 years.
So the cost, the total cost really adds up. Now you have several options. Millennials have several options right now, based on your age grouping. One is you can, the least expensive option is just your run in the mail term life insurance policy. no special bells and whistles above the fact that. you pass away for any reason and your family is going to get 300,000 or whatever the amount is, these companies, you just go up into the millions, but most people, they get 100,000 to about 500,000.
And again, you can go quite a bit higher. we’ve certainly written, I don’t know how many policies that are about 5 million. We’ve certainly done that, but most people they’re not, they’re not going to be above 500,000 even. So that’s your run of the mill term life insurance policy. And that gets the cost way down by just having your standard policy.
However, millennials have some options that a lot of us don’t have myself included because I’m over that 40 Mark. and that is to get a return of premium term policy. It’s the same as your run of the mill term, except there’s one important difference. And that is at the end of the term. Typically 30 years, the end of that 30 year term, they send you all your money back every penny, a hundred percent.
And that’s a return of premium term. Those are very special. They still offer all the same coverage. They’re full coverage. Anything happens during that 30 years, they send your loved ones. However much the policy is for you. You outlive the policy, whichever one, at least, you know, we’re all rooting for that.
That’s what we want. You outlived the policy. They send you one big check at the end. It’s an automated process. It’s a guaranteed process. As long as you keep that policy for the duration of the term, they send you that money. So term life insurance, you’ve got a whole bunch of options there. Those are the two most common.
And again, it’s either get the price down as much as possible or go with a return of premium term. And of course my suggestion would be to look at both. I, I can’t presume, which one would be best for you and your family and your budget. Okay, that’s up to you, but you certainly should know that you have options.
At least if you approach an agency, that’s well connected. I said, and it has contracts with a lot of insurance companies that are all I rate it like we do, then they should have those options for you. And so well-priced returned premium terms are hard to come by. So what you want to ask him is, you know, two things when you’re connecting with an agency, And by the way, we’re not immune from this.
============
If you are located in the Cottonwood, Sedona, Flagstaff or Prescott area and are looking for more information on affordable Life Insurance please don't hesitate to contact us. Use the links below or call us directly at: (928) 323-0933.
Learn more about Life Insurance by visiting us at https://www.protectwithinsurance.com
Facebook: / protect-with-insurance-101022877934133
Schedule a free call with Chad here: https://www.protectwithinsurance.com/...
Instagram: / insuranceprotector
Twitter: / protectwithchad
Protect With Insurance
989 S Main St Ste A-293
Cottonwood, AZ 86326
Protect With Insurance
989 S Main St Ste A-293
Cottonwood, AZ 86326
(928) 323-0933