When Miley Cyrus sang ‘Keep on climbing’, she was probably describing the state of mind of the present-day millennial. For persons who have attained adulthood in the glitzy, wait-for-nobody 21st century, life as they know it is an entirely different ballgame than it was for their parents, or even their older siblings. The millennial generation is probably in as momentous a phase of life as the noted Baby Boomer generation of the 1970s – but where the Boomers were full of excitement about new discoveries and learnings, the millennials appear to be in a state of perpetual jadedness. Despite new frontiers in knowledge opening up with their easy access to technology, millennials seem to be full of ennui about the times they live in.
At more risk, despite more access
It is safe to say that millennials today are the blessed generation, the lucky ones who already know so much and are so worldly wise that most have been taking their own decisions even while they navigated school life. So while they’re doing the usual things that are expected out of people their age – parties with friends, fast relationships with even faster expiration dates, a propensity to end it all at the first sign of disappointment, and access to much more money than their counterparts had even a decade ago, they are still coming up short when it comes to doing the things that still matter the most – like maintaining good health and buying insurance.
‘Hello, Goodbye’, a grim short story by noted author Joanne Harris about an entertainment writer who gets to cover the season’s hottest celebrity funeral, is a staggering reminder of what we can expect the fast-paced millennial lifestyle to become. While the generation’s cynicism about the establishment, its mores and its values is well-documented, even the most cynical millennial cannot deny that some things always hold true. For example, if you eat junk food every day, you are certainly going to fall ill. Or driving too fast may certainly result in an accident. Or that whether one makes a lot of money today, it is simply not enough for the future.The millennial generation is hard-wired to be constantly wired – to new trends, new technologies, new ideas for doing business. It is little wonder then, that so many 20-somethings today are choosing to start their own enterprises than go down the path that their parents and a formal education paved for them: get a job, work hard all your life, provide for your family, retire. All the traditional precepts of life, such as retiring at an old age and marrying the person you love, are fast being modified so as to accommodate new rules for living. Today, a youngster interns at an office to briefly ‘learn the ropes’ before branching out on their own. Or they set a retirement goal for age 40 because the years after that are meant for solo travel.
However much money one makes, or the amount of travel one puts in, or how financially independent they believe they are, some truths always hold true. And these are: life is still precious, all of us still have family to take care of, and the future can change in the snap of your fingers.
The most essential purchase of all – term life insurance
All other shopping aside, the first purchase every young person today needs to be make involves the non-glamourous, but highly essential term plan insurance. An Internet-savvy generation needs no introduction to term plans and their benefits. Suffice it to say that term plans are one’s best bet for a huge coverage amount for a payment of quite low premium monies.
You often cab it home after work or a party. What happens if the cab meets with an accident? Can your dependents financially survive in your absence?There are a multitude of term plans available in India today. Indeed, the term plan market has matured in leaps and bounds over the years, with more and more people seeing the merit in investing in affordable life insurance for a high coverage amount. So before balking at taking an insurance policy, or waiting till one is older and supposedly in real need of it, consider why taking a term insurance plan in your 20s is essential:
1. You rarely get the time to exercise, or prepare healthy meals, or even sleep on time. What happens if you develop diabetes, hypertension, cardiac problems? What if these problems take a serious turn?
2. You often take solo trips to foreign countries, but do you have enough money set aside for your parents and siblings in case you do not make it home?
3. You plan to buy a house when you are 30. The years rush by at breakneck speed, you have credit card debt, and still no house. And then you are absent – who repays your loans?
There are no shortcuts in life, but there is certainly a single solution to the above conundrums. It’s called a ‘term plan’, and you can easily buy it online for your family’s financial security in the future.
In many ways, a term plan is the safety cushion you may have been looking for, in terms of protecting the interests and lifestyles of your near and dear ones. For the cost of an expensive meal at an upscale restaurant, or a new dress for your friend’s wedding reception, you can purchase term life insurance that keeps your family out of the ambit of financial uncertainty.
After all, millennials are credited with having the sharpest minds of their generation. What could be a more intelligent step than buying term life insurance while one is still young and in need of it?
Featured image credits: Flickr