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  • How life insurance helps pay off mortgage, college expenses
  • July 10, 2015
  • How can life insurance help pay off a mortgage, college expenses?By

    The generation Y’s or also called Millennials that were born from 1980-2000 offer a different perspective than most generations and that one difference is that they really do not want to be like their parents.

    · They are not looking for longevity though they will stay in a position if they have a great leader.

    · They are not of the philosophy that hard work will pay off at a company because many have found that has not worked for their parents.

    · Being able to use their core talents is essential to a Gen Y

    · Personal development is also key

    · Being trusted for their input and ideas

    · They are not in it just for the money

    · Flexible work hours allows for more balance

    · They are looking for loyalty but only if you are able to give it in return

    · Environmentally conscious

    · They respond to internships but they do not respond to monotony

    According to LIMRA and recent reports, parents of Gen Y’s are generally the key purchasers of term life insurance. However, Gen Y’s are now facing life events such as new homes and children which can put them in a better position in understanding the needs for life insurance that is not necessarily expensive and confusing to them.

    Because of the recent recession and what may have happened to many of their parents, they want to secure a future and will do more research on the best financial plan but fearful to make a decision. Additionally, a study by Life Insurance and Market Research Association (LIMRA) found that “references from friends, relatives and coworkers are the most influential” when selecting a life insurance policy.

    Life insurance is currently at an all-time low and can offer low risk security replacing lost wages, help pay off a mortgage and even pay for college expenses.

  • Category: Articles Library, Featured Articles, Life Insurance, Term Life

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