Millennials have plenty on their plate as they save for retirement and pay down loans, but here's another concern: Do they have enough life insurance?
It's no secret that 20- and 30-somethings are holding off on some of the traditional milestones that would warrant buying life insurance. The median age in 2015 of individuals getting married for the first time was 27.1 for women and 29.2 for men. The mean age for women having their first child in 2014 was 26.3. This age group has also postponed homeownership.
Nevertheless, there are several reasons why you might want to consider taking out a life insurance policy when you are young — and you can do it on the cheap.
"Most of Gen Y thinks that they're invincible," said Chad Chubb, a certified financial planner and founder of WealthKeel. "The fact of the matter is that most 20- or 30-year-olds will require life insurance at some point."