PHOENIX, AZ--(Marketwired - October 25, 2016) - Millennials are known for renting homes instead of buying, spending on experiences rather than things, and eating at restaurants instead of at home. That may change as more millennials become parents. About 80 percent of the generation will become parents in the next decade, according to a study by Crowdtap, a marketing platform.
"Millennials are starting everything later-from buying homes to having kids-but soon-to-be-parents should prepare for their financial futures now," said Tony Albanese, Allstate Regional Financial Services leader. "The earlier you start, the cheaper it is."
You become more expensive to insure as you age. If you purchase a life insurance policy in your twenties, your monthly premium will most likely be lower than if you purchase a policy in your fifties.
In fact, a basic term life insurance policy can cost less than a Friday night pizza delivery. Your monthly payment is mostly based upon personal health history, age, the term--or length--of the coverage and the amount of coverage you select.
"Becoming a parent or buying a home creates another level of financial responsibility," said Albanese. "How will you provide for a family or keep your home if something happens to you? You have to plan for the unexpected, which can be more difficult because we live in a society that favors instant gratification."
While financial recommendations change depending on an individual's situation, three basics are relevant to everyone:
- Do your homework: You can find a wealth of valuable yet free information about managing your finances, such as personal finance websites, books, newspapers and seminars. Financial professionals can guide you through this information and help you set financial goals. For information about specific products, such as life insurance, you also can ask for a referral from professionals you currently know and trust - such as your auto/home insurance agent.
- Set goals and a timetable to achieve them. Rather than trying to make progress on all your goals at once, prioritize your goals every year and focus on the two or three that are most important to you.
- Make a date once a year for an annual life insurance checkup to double-check that the amount and type of coverage is right for your current situation.
Visit allstate.com/lifeinsurance or call your local Allstate agent to get a quote or to learn more about the options to best protect you and your family.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Now celebrating its 85th anniversary as an insurer, Allstate is widely known through the slogan "You're In Good Hands With Allstate®." Allstate agencies are in virtually every local community in America. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities.
Life insurance is issued by Allstate Life Insurance Company, Northbrook, Ill.; Allstate Assurance Company, Northbrook, Ill.; American Heritage Life, Jacksonville, Fla.; and in New York, by Allstate Life Insurance Company of New York, Hauppauge, N.Y.
Securities offered by personal financial representatives through Allstate Financial Services, LLC (LSA Securities in LA and PA). Registered Broker-Dealer. Member FINRA, SIPC. Main Office: 2920 South 84th Street, Lincoln, NE 68506. (877) 525-5727. Check the background of this firm on FINRA's BrokerCheck website.