Myth: Millennials Don't Need to Consider Life Insurance

Millennials born in the early 1980s through the early 2000s, are the most populous living generation in the U.S. with an estimated 80 million people, yet they are the most uninsured generation to date according to a survey from, a financial website. While this generation is tech savvy and receptive to new ideas, there are some Millennials who are not convinced life insurance is a necessary part of a financial plan. Here are some of the benefits to buying life insurance coverage when you are young:

Lower Costs
Life insurance cost is based on several factors, including age and health. This means that qualifying for coverage is typically easier for a younger person in good health and it can be purchased at a much lower cost. According to Life Happens, a nonprofit, a daily latte will cost you $4 a day, while life insurance will cost you $1 a day.

Cover Debt and Final Expenses
Remember those college loans that you are still paying off? Parents who cosigned on your student loans would be responsible for repaying it if the unexpected were to happen.

While some debts may be waived, others would be collected from any assets you leave behind. If you have debts such as a mortgage, credit cards, car loans, student loans, etc., life insurance can cover those expenses in the event something were to happen to you.

Provide for Dependents
If you have dependents who rely on your income to cover their food and shelter, you need life insurance. Dependents can be children, or anyone counting on your income, who would have to do without if something were to happen to you. This includes a spouse, children, a relative with special needs, a loved one whose long-term care you contribute to or a live-in partner.

Customized for You
There are a variety of life insurance options to fit your current and future needs.

Term insurance is designed to protect you for a specified period, such as the next 10, 15 or 20 years. There are also permanent insurance products that feature a savings component and are designed to last a lifetime. In addition, permanent insurance may offer optional features and benefits that can be added to the life insurance policy, such as a chronic illness benefit rider that allows you to access policy values in the event of a chronic or terminal illness. We can help you customize insurance options if you are on a tight budget or you want to limit your payments.

Build a Nest Egg
While permanent life insurance such as whole life and universal life insurance policies will have higher initial premiums, they offer a savings component that can help you start to build a nest egg. The cash value of the policy may be accessed during your lifetime for unexpected expenses or to potentially supplement your retirement income. And, the policy offers a death benefit that is paid to your selected beneficiaries if you were to die unexpectedly.

Start the Conversation
In each of these situations, we will be able to assist you in selecting the right kind of policy for your current and future financial needs. If you are interested in learning more about life insurance, contact us to discuss affordable options that give you peace of mind and the right protection. 





Insurance products issued by The Ohio National Life Insurance Company and Ohio National Life Assurance Corporation. Guarantees are based upon the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Issuers not licensed to conduct business in NY. Clients should consult their financial professional on all tax matters.

The premiums quoted are based on the age of the insured at nearest birthday and specified underwriting classification and are subject to change without notice. Premiums for issued policies may be different than the premiums shown based upon actual underwriting classification.