The Best Life Insurance For Millennials In 2019
Determining which product will offer the best life insurance for millennials can be very time-consuming,
But did you know that:
You can get cheap life insurance for a millennial in an instant.
The insurance policies are also super simple to understand, and there are no waiting periods.
In this post, you will learn how to purchase life insurance as a millennial, how to get no medical exam life insurance, and I will go over when you should buy life insurance.
In This Article
What's The Best Life Insurance For Millennials?
The best life insurance product for a millennial is going to be a Simplified Issue Life Insurance policy, often called No Exam Life Insurance.
No exam life insurance is a type of life insurance that allows you to get covered at a much faster pace by avoiding the medical exam.
It is by far the best term life insurance option available and below are the reasons why these policies are the best for millennials:
Entirely Online Process
It's funny, as a millennial I can remember going into the mall and shopping, I used to enjoy buying my videogames from an actual videogame store, and my clotes from a clothing store.
Now days, however, I find myself shopping online for more and more things because of the convenience.
Well, when it comes to insurance, things have gotten much better for us millennials as well.
The days of waiting around for an insurance application to be faxed over is the thing of the past and buying life insurance online is the future.
You can now get instant quotes and apply online for life insurance as a millennial, all without dealing with an agent.
No Medical Exam
If you have never shopped for life insurance until now, then you're in luck.
In the past, it would have been recommended to complete a medical exam if you wanted to qualify for the best rate.
However, that is no longer the case, most policies that are no exam are literally only a few dollars and sometimes a few cents more than their exam counterparts.
This means that to avoid wasting weeks trying to get life insurance, you can get covered in under 5 minutes and the cost difference is minimal.
So, traditionally underwriting is a drawn out process that requires the insurance company to pull your doctor records, check your prescription drug history, check your motor vehicle record, and also look at your history of applying for life insurance.
With real-time underwriting, all of this happens while you are completing your application.
The application asks questions based on how you answered the previous question and also gathers information from the above reports seamlessly.
This process along with sophisticated algorithms makes getting an immediate decision very easy.
Immediate Decision & Instant Approval
What I love most about these no physical exam products is the ability to have instant life insurance quotes and approvals.
Most places say they offer instant approvals, but usually, after you apply for coverage, they explain how you will need to complete an exam to get an answer.
However, a real no exam product will only give you two options when you apply:
You have been approved for coverage; you can make a payment and get your policy instantly.
You have been declined for coverage; you should look into a different type of product, one that may require an exam or reach out to an agent
Just remember that just because you were declined for a simplified issue or no exam life insurance policy doesn't mean that you aren't healthy and it doesn't mean you can't get insurance from another company.
Most Affordable Rates
Along with all the other benefits of buying a no exam policy, you can get some excellent rates.
Right now I am 34 and a 20 Year $500,000 no exam policy for me would only be $27.00 per month, which is fantastic because it is honestly just a few dollars more than other companies and I get to avoid all of the nonsense of an exam.
Myths About Life Insurance For Millennials
There are so many myths and just straight up lies when it comes to life insurance for a millennial.
In all honesty, If I hadn't sold life insurance for over 11 years, I probably would be believing the same myths.
Today I am going to put an end to these and give you real answers:
Myth 1 - You Don't Need Life Insurance If You Have No Dependents
People argue that if you don't have anyone that you are responsible for, then as a millennial you don't need life insurance.
The problem with this theory is that if you pass away, someone is still going to have to bury you, pack up your things (if you had an apartment or home) and other things that might not be on your mind.
The nationwide average cost for cremation is about $2,500, and the average cost for a funeral is closer to $10,000.
This means that your parents, or friend, whoever takes over that role for you, will either be spending half of their savings or won't have enough to assist with burying you.
With life insurance costing less than my monthly cell phone bill, trips to Starbucks (unless I am using my rewards), or a few drinks when hanging out; there isn't any reason to go uninsured.
Myth 2 - GoFundMe Is Life Insurance
This might not be an official myth, but too many people use this option to ask for money for a burial.
Even as I write this post people still need help with money to cover the final expenses for their family members.
Now, I am not taking any shots at GoFundMe; I think its an excellent platform when used for its main purpose.
However, it shouldn't be used for life insurance because there are companies that offer coverage for very affordable rates.
Myth 3 - Term Life Insurance Is A Scam
I am sure the first thing you probably thought of is the question, is life insurance a scam.
There is so much content on the internet that tries to make an argument that Term Life Insurance isn't a good deal because your coverage will end.
Some people try to make the case that they won't see the coverage or that it probably won't pay out.
However, as mass violence continues to increase and debts continue to pile up, the idea that life insurance isn't good is easily squashed.
Honestly, the amount of money you spend on a term life insurance policy is going to be much lower compared to other products or things you already spend money on.
Essentially, it is probably the best term life insurance and is definitely worth the peace of mind it will give you.
Life Insurance To Fund An SBA Loan As A Millennial
The one thing us millinnials have on lock down is the Freelance and Small Business world.
We might not be starting the next Coke A Cola, but we are starting small efficient businesses that employ other freelancers and a few full time employees.
Upwork did a study that showed more than 55 Million people did freelance work in 2016 alone.
This means that we are about our business; however, did you know you will need a life insurance policy(PDF) if you plan to close on an SBA Loan.
The exact verbiage is below:
7.For loans processed under standard 7(a) over $350,000 or 7(a) Small Loans that a)do not meet the minimum acceptable credit score, Lenders may follow their internal policy for similarly sized non-SBA guaranteed commercial loans, except:
If the loan is not fully secured, life insurance is required for the principals of sole proprietorships, single member LLCs, or for businesses otherwise dependent on one owner’s active participation, consistent with the size and term of the loan.
The amount and type of collateral available to repay the loan may be factored into the determination of the appropriate amount of life insurance.
If Lender determines that the principal is uninsurable, Lender must obtain written documentation from a licensed insurer of the same.
There is no product faster than a no-exam policy that will get you covered so you can close on your loan.
The Best Life Insurance Company For Millennials
While there are some excellent no exam term life insurance companies to choose from, we haven't found any better than Canada Protection Plan .
Check out our quick overview of them below:
About Canada Protection Plan
Canada Protection Plan, known as CPP is backed by Foresters Life Insurance Company.
Foresters has been around for over 140 years and as of today Foresters holds an A (Excellent) rating with A. M. Best.
CPP is known for their no exam and simplified issue life insurance products in Canada.
Their primary goal is quick applications with a ton of benefits included.
Riders & Options
Simply Insurance Thinks
Canada Protection Plan is the most affordable simplified issue, no physical exam term life insurance product. They have a very easy online application and the process doesn't require an agent.
Life INSurance resources
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As a millennial we like any purchasing decision to happen accurately and to be super fast.
The ability to do this for life insurance is now available, there is no more excuse for not being covered.
Also, you can't make an excuse about needing to watch Game Of Thrones on Sunday (At least until the prequels come out).
Now is the best time to get covered and you can click the above button to get things started.
Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.