Millennials can think because they are young and healthy, they don't need a lot of life insurance. Or perhaps because much of the generation is burdened with debt, life insurance tends to be viewed as a luxury item rather than a necessity, but life insurance isn't your thing. It is for the people you love. "Nobody wants to think about it – it's morbid – but when you die, your family is here," said Stephanie DeLillo, an insurance agent at MGS Insurance LLC in Reading. "They are in mourning and have things to do that are very difficult for them." And if you have a debt, it is one more reason why you should be insured. "Having a family, having children, buying a house, just more debt in your life and things you have to pay, there will be people potentially dependent on your lost income," said Mike Fields, an indemnity producer at Gallen Insurance in Cumru Township . Studies show a large number of millennials – roughly defined between the ages of 25 and 40 – are poorly insured or have no policies. According to a 2018 survey conducted by New York Life, 78% reported having a shortage of coverage, while only 10% felt they had the insurance they needed. Whatever the reason, many millennials put the people they care about at risk of economic inconvenience or, even worse, financial ruin. This isn't even another lesson from the baby boomers or Gen X. DeLillo, 31, is a millennial. Fields, 34, is a millennial. The author of this story is a millennium. We understand the mentality "You are in a phase of your life where, even if you don't think you need it, you probably do it," said DeLillo. "And now you're healthier, so from a qualifying point of view, when you're young it's time to do it." Less expensive than you might imagine. There are many theories as to why millennials lack coverage, but they almost always boil down to money. The thing is that life insurance doesn't necessarily involve a huge price, depending on the type of policy. Term policies that last 10, 20 or 30 years can be obtained for a relatively low monthly premium. On the morning of our interview, Fields got a quote for a 34-year-old healthy man looking for a 20-year policy with a $ 500,000 benefit. "They would look at just $ 25 a month," Fields said. "For a woman, that would mean going down to $ 20 because women live longer and are generally healthier, so they will pay less." When DeLilllo started her career, she was initially surprised at how cheap the coverage was. "I understand it's not as expensive as you might think, especially at 20, 30 years old," said DeLillo. "I was 22 when I started here and I was like" Life insurance isn't important. "Then I realized," Oh, I can get a term policy for around $ 10 a month. I can afford it. "The downside of a futures policy is that it ends eventually, even if some vendors allow the terms to be converted to permanent policies or can refund the premium in the end. The positive side is the duration through important stages of your life. "It aligns perfectly with a mortgage when you buy a house and even kids from scratch to college," Fields said. "90% of the time it will probably be the policy best suited to people's needs." Permanent policies, also called full or universal life insurance, will last until death, but the cost is "immensely more," added Fields. Regardless of the type of policy you prefer, life insurance will obviously cost much less in the your 20 and 30 years compared to when you are older or your health decline. "Age is such a big factor," Fields said. "If you wait, there are more chances that you may come with an illness or something that could adversely affect your subscription – and then you will pay even more that way." How much life insurance do you need? Cost aside, another reason young people could postpone a conversation about life insurance because there is no one-size-fits-all solution. While some may seek cover for minimum expenses only, others may choose to take care of their spouse and offspring long after their death. The bottom line is that people have to sit down with a professional to get guidance on their individual needs. "It really depends on your situation and how much you want to spend or what you think you need to cover," Fields said. "There is no real rule." Fields divides potential policies into three levels. A low-benefit policy could only cover the basics, such as burial costs. A large payment of 10 to 20 times a person's annual salary could support a family for many years. The middle ground would be an advantage that provides short-term living expenses to alleviate loss of income. DeLillo notes that some insurance companies have online calculators to help make those decisions. "Connect your age, how much you earn, how old you are the children, how much debt you have and print this number that says you want to leave your family with at least 'X' years of income," said DeLillo. "It varies extremely from person to person because each person's situation is different." It may be tempting to believe that your loved ones will be able to rely on your savings. It may also be inconvenient to give your life a cash value. The reality is that if you are not planning your eventual death by carefully considering all its financial implications, someone else may be left to face the consequences. "Sometimes when people think about life insurance, they only think about paying for the funeral and paying a debt," said DeLillo. "They don't think of all the other things that losing their income leaves a void." "Someone will have to take care of things when you're not there. You may not think there are many things to take care of, but someone has yet to at least fix your property." Does everyone need life insurance? There is at least some debate about whether every single individual really needs coverage. If you managed to reach adulthood without starting a family, making any major purchases or accumulating debts, then congratulations: you may be exempt. "You may be single in your 30s and don't necessarily need life insurance," Fields said. "That's the truth. If you don't have dependents, if there is nobody who relies on your income, then it's not something you necessarily need. It's about the circumstances." Once again, even when you're sure you won't do it by leaving your bills behind, which may prove to be out of your control. "I'm of the opinion that everyone needs it, regardless of whether they think about it or not," said DeLillo. "You never know. In the way I die, there may be medical bills that my family needs to pay back. Or, there is some debt that I have a weight on them as they try to fix my property? " DeLillo also warned against relying solely on a life insurance policy provided by an employer, suggesting that each person get a policy on their own. "If I leave this job, that insurance won't come with me, and so I'm subject to whatever the rate is at that point," said DeLillo. "It's nice to have distributed it a bit, just like you have distributed your investments." Fields agrees that life insurance is an area where all millennials must "focus their attention", noting that most new policies are open to people in their forties and fifties. Meeting with a consultant it is usually as simple as entering an insurance office. And after all, we're only talking about your loved ones. "I think a lot of people avoid it because maybe they feel overwhelming or they won't understand it or feel comfortable at the time," Fields said. "But they don't really look to the future as much as they should.