Unwrap financial security: Life insurance for millennials
Forget the tired stereotype about millennials blowing their savings on smashed avo and overpriced lattes. The truth? Millennials are smart about money. Nearly 68% of millennials budget, 44% are saving for a house deposit, and younger Aussies are slashing their spending to combat rising costs of living. Now have you stopped to consider how life insurance might help?
With the festive season upon us, it’s a good time to gift yourself peace of mind. Whether you’re protecting your income, clearing debt, or looking out for your loved ones, life insurance can be your safety net for the future.
Why millennials need life insurance
1. It’s not just about death
Here’s the thing: life insurance isn’t just about paying out when you’re gone. With options like income protection, Total Permanent Disability (TPD), and trauma cover, life insurance offers living benefits. Think of it as financial protection if you’re unable to work due to illness or injury—or if life throws you an unexpected curveball.
“Millennials are more likely to work in gig or contract jobs, which don’t offer built-in financial safety nets like paid sick leave.”
— Ubank Report
2. Lower higher risks
Many of us don’t have a huge nest egg to fall back on. A 2023 report found that millennials feel the heat from rising costs of living, leaving little room to build savings. Without a financial buffer or illness could derail your plans. Income protection helps keep your financial goals on track, covering up to 75% of your income if you can’t work.
3. Tackling debt head-on
Between HECS-HELP debt, credit cards, and mortgages, many millennials are juggling financial commitments. If something unexpected happens, life insurance can step in to help cover those debts—so your family or partner doesn’t have to.
“Millennials face higher mortgage costs than previous generations, often requiring more time to pay them off.”
— Commonwealth Bank Report
4. Planning for family
Whether you’ve got kids or are planning to start a family, life insurance offers valuable financial support for your loved ones. From covering childcare costs to ensuring your kids’ education is secure, it’s about protecting your family’s future.
5. Keeping your independence
Millennials value independence, and life insurance can help you stay financially free even when life gets messy. When you’re your own best asset, investing in protection means investing in yourself.
How does life insurance fit into your plans?
December isn’t just about giving gifts to others—it’s about protecting your own future too.
Life insurance provides:
Financial stability: Whether it’s a sudden illness or job loss, life insurance is your backup plan.
Peace of mind: You can enjoy the holidays knowing your finances are secure, no matter what.
Flexibility: With options to pay via super or cash flow, it’s easier to fit insurance into your budget.
Common myths about life insurance
Myth: “I’m young, I don’t need it yet.”
Reality: Starting early means locking in cheaper premiums and protecting yourself before life gets more complicated.
Myth: “It’s too expensive.”
Reality: Many policies are affordable, especially if you choose options like paying through superannuation.
Myth: “I’ll just rely on savings.”
Reality: Savings can run out fast, especially when unexpected costs like medical bills or lost income come into play.
“A 30-year-old earning $100,000 annually could lose $5.87 million in lifetime earnings if they’re unable to work again.”
Protecting your future
As the year wraps up, it’s time to reflect on how you’re safeguarding your goals. Whether it’s through income protection, TPD, or trauma cover, life insurance ensures you’re prepared for whatever comes your way. Don’t let financial uncertainty be the Grinch that steals your future.