{"id":21972,"date":"2022-11-04T12:25:39","date_gmt":"2022-11-04T16:25:39","guid":{"rendered":"https:\/\/lifehappens.org\/?p=21972"},"modified":"2022-11-04T12:30:11","modified_gmt":"2022-11-04T16:30:11","slug":"im-gen-z-do-i-need-life-insurance","status":"publish","type":"post","link":"https:\/\/lifehappens.org\/blog\/im-gen-z-do-i-need-life-insurance\/","title":{"rendered":"I\u2019m Gen Z\u2026 Do I Need Life Insurance?"},"content":{"rendered":"\n[et_pb_section fb_built=”1″ theme_builder_area=”post_content” _builder_version=”4.18.0″ _module_preset=”default”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” theme_builder_area=”post_content”][et_pb_column _builder_version=”4.18.0″ _module_preset=”default” type=”4_4″ theme_builder_area=”post_content”][et_pb_text _builder_version=”4.18.0″ _module_preset=”default” theme_builder_area=”post_content” hover_enabled=”0″ sticky_enabled=”0″]

What is Life Insurance?<\/strong><\/h2>\n

Gen Z adults are between the ages of 18 and 24 today\u2026 they\u2019re young and healthy overall. So if you\u2019re part of this generation, you may be thinking, why would I need life insurance?<\/p>\n

But life happens<\/em>. Life insurance can still be beneficial in case of sudden death, illness or other tragic and unforeseen circumstances.<\/p>\n

Life insurance is there to protect your loved ones financially if anything happens to you. You may be recently engaged, married or have young children, in which case life insurance is absolutely key.<\/p>\n

Even if that\u2019s not the case for you yet, life insurance can still be a great way to start accruing wealth to pass on or use later in life. It\u2019s also a safety net to ensure you don\u2019t leave unpaid debts to your family if you die.<\/p>\n

Knowing the different types of life insurance available is the first step in deciding what works best for your lifestyle.<\/p>\n

Term Life Insurance<\/strong><\/h6>\n

Term life insurance is generally the more affordable option. It covers you for a set period of time, usually between 10 and 30 years. If you die during this time, the death benefit will be paid to your beneficiary. The downside to term insurance is that there is no cash value after it expires.<\/p>\n

Permanent Life Insurance<\/strong><\/h6>\n

Permanent life insurance is usually more expensive than term life, as it covers you for the rest of your life, so long as premiums are paid. Permanent insurance gives you the death benefit and<\/em> cash value<\/a><\/span>, so as the value of your plan increases, you can take out a loan or make withdrawals as needed. While these policies are more expensive, they are a great option for accumulating wealth and for those with lifelong financial responsibilities.<\/p>\n

Pros & Cons of Life Insurance for Gen Z:<\/strong><\/h2>\n

The benefits and drawbacks of a life insurance policy can vary, so be sure to do your research before making a decision.<\/p>\n

Pros<\/strong><\/h6>\n