3 Reasons Gen Z Should Grab Insurance Now

Whether it’s #hoochiedaddyszn or #hotgirlsummer, your twenties are the prime time to think about your future. We’re talking beyond what you want to be when you grow up. What do you want your financial legacy to be? We get it: you’re young and invincible, so you don’t need life insurance. Because, why?

Here are the facts:

• ?Life insurance is cheaper to purchase when you’re younger
• COVID-19 has increased awareness about life insurance by claiming more than 6,300 men and women between 18 and 29 since January 2020 according to Statista.com
• ‘Catchin’ flights, not feelings’ only works while you’re still alive

Why is life insurance cheaper when you’re younger?

Buying insurance in your youth entitles you to lower premiums. If you intend to have a family someday, purchasing either a whole life or term life policy in your 20s could allow you to pay less for coverage year-over-year and protect your growing family in the event of your absence.

By purchasing young, you also benefit from securing coverage before many ailments such as high blood pressure, and high cholesterol slide in your body’s DMs. Why? Because the younger you are, the less likely you are to develop these conditions that will increase your premium amount.

What does COVID-19 have to do with it?

By this point, most of us have lost someone we love or know to COVID-19. As a result, these losses have many of us thinking about our own morbidity by forcing the realization that maybe we aren’t as invincible as we believed we were.

A 2021 LIMRA study revealed the likelihood of buying life insurance due to COVID-19 was 45% among Millennials, yet only 52% of Americans reported owning life insurance – 56% of them Black - and a mere 31% of those surveyed reported being very or extremely knowledgeable about life insurance.

How are my flights impacting my life insurance?

Generation Z is truly our spirit animal. They speak their minds, don’t take any shit, and don’t mind taking time off for a quick flight out of the country for #Sundayfunday. We can appreciate it! Honestly.

But let’s break the costs down for comparison:

• The average premium for a $500K 20-year term life policy for a 20-year-old male in average health is $30 a month or $360 a year according to PolicyGenius.com
• ?The average cost of a trip to Cancun for the 4th of July is $898 for four days of fun at an all-inclusive resort through Expedia
• The difference between the trip to Cancun and the annual premium amount is $538

While the perception is that life insurance is too expensive, you could begin building your financial legacy for less than half of that trip to Cancun. Hell, that’s Uber or bar money, right?

#WhatIfCollective is helping Gen Z-ers and their insurance providers understand the nuances of securing and insuring savvy customers like you. Our goal is to interrupt the status quo of insurance to remove financial security barriers for sensitive and underserved communities.

Message us to get your free life insurance review and consultation.