Amica Insurance offers 4 reasons to buy life insurance as a millennial

September is Life Insurance Awareness Month

News provided by

Amica Mutual Insurance Company

Sep 21, 2021, 11:00 ET

LINCOLN, R.I., Sept. 21, 2021 /PRNewswire-PRWeb/ -- If you're one of the 72.1 million individuals who identify as a millennial, there's no better time than now to start looking for and purchasing life insurance.

Amica Insurance has four reasons why:

  • It's the best way to protect those you love. Regardless of whether you're married or have children, there are probably people who would have to cover your debts if something should happen to you. Did your parents cosign on your student loans? Maybe they helped you buy that car or home that's not paid off yet?
  • The younger you are, the lower the cost. Said another way: You can buy more protection today for less cost than in the future.
  • Ironically, the best time to buy life insurance is when you feel you don't need it. You're young, you're healthy, and you have everything to look forward to. Life insurance is easy to get and very affordable. If you wait until something happens to your health, you'll find that the coverage you need will be more expensive or, worse, unavailable.
  • While you're young, you should consider permanent life insurance, even if you combine it with a term policy. Not only do permanent policies provide lifetime protection, they provide a cash value – which you can think of as something like a savings account. Each time you make a payment on your policy, the cash value in the policy grows (although not dollar for dollar).

Over time, the cash value of your policy can represent a meaningful amount of money – money that's available to you for any reason. You can use it as retirement savings, a down payment on a home or for an emergency. To access the cash value, you can either take a loan or withdraw it. Loans must be paid back, but generally have lower interest rates than a bank loan or credit card. If you withdraw the cash value, there may be tax consequences, but you never have to worry about meeting qualifications. The cash value is yours if and when you need it.

For more insurance, safety and lifestyle tips, check out the September 2021 Amica Today. Or visit LifewithAmica.com to get a quote today.

Media Contact

Kylie Jenkins, Amica Mutual Insurance Company, 8002426422x20115, [email protected]

SOURCE Amica Mutual Insurance Company