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The components of a monthly budget usually include premium payments for health insurance, car insurance and a life insurance policy as well. However, there are many people who avoid this last type of insurance.

Some Millennials may assume that they are too young and healthy for life insurance, but it turns out that almost every adult should get covered. A 2017 study from TermLife2Go said that 86 percent of Millennials believe that everyone should have life insurance. However, most people assume that it is too costly to buy.

In the long term, life insurance can be a life saver. Here’s why:

Why Millennials Need A Life Insurance Policy

The most obvious reason for getting a life insurance policy is to help your loved ones after you pass away. This is especially true if you have family members who are dependent on you financially — like a spouse or children.

Even if you live alone and have no children, then you still have to consider that your family and friends will at least have to pay the bill for your funeral. The cost of an average funeral is between $7,000 and $10,000. The best life insurance can pay for your funeral and help your loved ones.

But perhaps the best reason for a Millennial to get life insurance is because of the low monthly premiums. Young and healthy people tend to get a better life insurance premium rate than people who are old and sick. For example, a 35-year-old non-smoker could typically get a life insurance plan for just $35 per month.

Best Life Insurance for Millennials

In the realm of life insurance, there are two popular options: Whole Life and Term.

Whole Life Insurance provides peace of mind during the entirety of your life. However, premiums are expensive and the payout happens during a certain set of years. Some people consider Whole Life to be part of retirement planning.

Term Life Insurance is the other option. The premiums are usually less expensive, which allows you to invest extra money every month in an IRA. If you die during the period of protection — in increments of 10-30 years — then your loved ones will get a payout. Term Life Insurance is considered to be the best option for Millennials. And getting an instant rate for term life insurance is also super easy.

Life Insurance Policy Locator

The best option for finding the right life insurance plan is to shop around. Consumers should compare the different rates and benefits of insurance plans. They should see how the insurance premiums fit into their monthly budgets and how it could help save money for their loves ones in the long term.

One tool that we would recommend using to find the best life insurance companies is Life Insurance Companion. This FREE tool allows you to compare competitive quotes from some of the nation’s top life insurance companies. Click here to access the Life Insurance Companion tool so that you can begin your search today.