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Millennials: Beware when buying life insurance

It turns out that Covid-19 has spurred a huge interest in life insurance–especially amongst millennials, many of whom are parents now and don’t want to leave their dependents in the lurch.

In fact, 48% of millennials say they plan to buy coverage in the next year, according to a joint LIMRA/Life Happens study that was just released. And even those who already have coverage are now wondering if it’s enough.

But if you’re one of them, be careful before you grab the first policy that comes along. We’ve seen clients with policies that are much too expensive and not the right fit for their needs.

Overall, just over half of American adults have life insurance–a figure that’s actually fallen slightly, to 52% this year, from 54% last year. In fact, it’s at a record low, according to trade group LIMRA.

The sudden rush to buy coverage comes just as there’s been a surge in online life insurance offerings that may or may not be the right fit for you. Millennials understandably want products that can buy easily, online, at any time of day. But if you also want the right guidance as to what type of product is truly the right fit for you, text us at 201-701-8888 any time day or night (you can call us too) and we’ll get right back to you.

You don’t have to trade coverage for convenience. And you shouldn’t think that just because you’re buying it online you’re getting a deal.

And you shouldn’t think that life insurance is the whole story. As Dave says time and again, people are more likely to be disabled at any age than to die–even now. And even fewer people have disability coverage. Don’t worry–he’ll walk you through all of it and make sure you’re truly getting the best deal for you and your family. Read more here.

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