Why Are Data Silos Problematic: Cost $440 Now

Radhika

Why Are Data Silos Problematic Problematic Synonym

This is why it’s problematic that fewer than half of millennials have life insurance.

Why Are Data Silos Problematic: Cost $440 Now

Why Are Data Silos ProblematicProblematic Synonym
Why Are Data Silos Problematic Problematic Synonym

 

A survey by insurance comparison website Insurances indicates that fewer than half of millennials own life insurance. Out of 1,000 participants who were born between 1981 and 1996, merely 47% claimed to have a policy.

It should be noted, however, that a significant portion of Generation Y—48 percent of those without coverage—stated they desired life insurance.

Cost was the main deterrent, as 66% of respondents claimed that premiums were excessively high. A significant portion of respondents (29%) expressed feeling overpowered by the intricacy of selecting a policy.

Of those without life insurance, only 36% claimed they had no family to provide for.

Among millennials who are married, one in two stated they would encounter financial difficulties. Hardship if their spouse passed away within six months. Six people said it would take a month or less.

Below, CNBC Select examines the reasons life insurance can be crucial, even for younger individuals, as well as how to locate coverage at a reasonable price.

I need life insurance, but why?

Millennials are a generation that may be considering starting a family or may already have one. You run a big risk of losing support if you have dependents on you financially, like your spouse or kids.

Replacement income and outstanding debts can be paid for with a sufficient life insurance policy.

Insurance can cover the cost of your funeral and burial even if you don’t have any family. That is the main cause for which millennials purchase life insurance, according to  the questionnaire.

For the people you leave behind, a funeral can be extremely expensive, with the average cost exceeding $8,000.

How to locate life insurance at a reasonable price

Why Are Data Silos ProblematicProblematic Synonym
Why Are Data Silos Problematic Problematic Synonym

It’s not necessary for life insurance to be costly. Consider term life insurance, which covers you for a set amount of time, usually between 10 and 30 years, if you’re searching for reasonably priced coverage.

A death benefit is paid to your beneficiaries in the event that you pass away while your policy is in effect.

Compared to whole life insurance, which offers lifetime coverage, term life insurance is much less expensive: According to Policy genius, a 30-year-old nonsmoker will pay, on average, $26 a month for a 20-year term life policy with a $500,000 payout. In contrast, whole life insurance with the same payout would cost $440 a month.

Guardian receives excellent ratings for stability in terms of finances and provides a range of policy options, such as whole, universal, and term insurance. Even better, you can later convert a term insurance policy to whole life.

In summary

Over 50% of millennials claim not to have life insurance, and many blame the high cost for this. However, in the long run, the correct policy can save you from stress and financial hardship.

Why should I believe CNBC Select?

Why Are Data Silos ProblematicProblematic Synonym
Why Are Data Silos Problematic Problematic Synonym

Our goal at CNBC Select is to empower our readers to make wise financial decisions by offering them thorough consumer advice and excellent service journalism.

Our staff of knowledgeable writers and editors who have a deep understanding of financial products provides thorough reporting as the foundation for each personal finance piece. While receiving a commission, CNBC Select

We produce all of our content independently, without assistance from our commercial team or any other outside parties, and we take great pride in our journalistic ethics and standards from affiliate partners on numerous offers and links.

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