Why You Need Life Insurance Waterloo, According to Two Millennials

 Life is marked by many precious moments. Some that you plan for and some that are unexpected. Whatever the moment is though, you want to make sure you’re fully protected so you can always provide for yourself and your loved ones.

Most people associate life insurance Waterloo as coverage for your friends and family in case there is a death. While this is a motivator, there are many more benefits to Insurance plans Waterloo.

While it used to be the norm for most adults, especially parents, to have life insurance, a recent study shows that only 25% of millennial parents have this important policy. That statistic seems to contradict a population that is generally financially responsible, so we decided to talk to two millennials in the minority, who both have life insurance but don’t have children, to find out why they made this important decision of getting insurance plans Waterloo.

One of them Explains ,

Why I Need Life Insurance, and You Might, Too:

Family.

While it may not look like the families on the life insurance commercials, I have a family. I have a loving and supporting family that raised me and the best family I could have built. If something were to happen to me, the last thing I would want to do to my loved ones in their time of grief is to add a financial burden. With a life insurance policy, my parents wouldn’t have to feel like they need to pay for a funeral or cover any of my outstanding debts, and my husband wouldn’t have to move from our house or the yard our dog loves so much. Maybe one day we’ll have children, and knowing they would have this level of protection from the moment they come into the world is already a weight off my shoulders.

I want to protect the life I’ve worked so hard for.

Soon after getting married, we bought my husband’s grandparents’ house. It was adorable, in a great location, and in need of some major updating. I’ll never forget staying up until 1 am every weeknight for a month, both of us deep in a painting trance to finish renovations while listening to Red Sox games on the radio.

We said it then and we say it now: “We’re a team.”

So we took on aggressive home payments that we tackle together in hopes to live debt-free later in life. However, eliminating his salary from the equation would make it really hard for me to keep up. With that thought in mind, I began requesting life insurance quotes for my husband as well. If something were ever to happen to him, being able to stay in our home and have a physical reminder of this life we’ve built together would mean the world to me. Both of us having life insurance means that our house can remain our house, even if only one of us is living in it.

What I Purchased and Why-  Insurance plans Waterloo.

After learning about all of the different types of Life Insurance on the market, my husband and I decided to go with a 30-Year Term policy for each of us. Several factors influenced our decision, such as simplicity, length of coverage, amount of coverage, and cost.

Simplicity: With the policy we selected, we pay one flat rate every month for the next 30 years, and if tragedy struck and one of us passed away, the other would receive the total benefit amount we mutually agreed upon from day one.

Length of Coverage: When discussing our coverage goals, our top concerns were paying off the mortgage on our house and getting any potential children through college. 30 years from now, we hope that these current concerns won’t even be a thought, and we will have a healthy savings and retirement fund.

Amount of Coverage: In some scenarios, you can be limited to the amount of coverage you can buy based on your income. My husband and I felt it was important that we have the same amount of coverage despite a decent size income variation between the two of us. Knowing that we can change those limits in the future if it were necessary was also a big incentive.

Cost: Studies have shown that the number one reason that people do not buy life insurance Waterloo is because of cost, especially millennials. I’ll admit — the thought of adding a high monthly bill for something we hope we’ll never use deterred us from shopping for a long time. Once we finally started the quoting process, we were pleasantly surprised to find our premiums were lower than expected. Now, my biggest regret is that we didn’t purchase our policies sooner to lock in lower premiums!