There are many uncomfortable talks that a child will have with their parent(s) throughout life. One of the biggest avoided conversations happens to be life insurance. Now let’s be honest, some parents/children unfortunately do not understand the severity of life insurance because they simply do not have it or have never been truly educated on the subject. Another major reason, the topic is just flat out uncomfortable. Many young millennials just do not feel like discussing this with their parents. It makes many young people feel a sense of unnecessary responsibility makes them feel older, makes them think about the touchy topic of death/losing someone or some other sensitive explanation why. So, between you (the reader) and I let’s go through the simple steps of how to have, “the talk”!
First thing first, the conversation needs to happen. Stated plainly life insurance is literally protection over your life and your loved ones. One common fact among all mankind is that one day we must all pass away. At this time, one thing you can do for your loved ones who are still living is make sure that financial expenses are taken care of. Be open, honest and realistic within the conversation.
With any uncomfortable talk, you may ask yourself, “How do I talk about this with my children”? Set the tone by letting millennials know it is a financial security blanket. Be relatable to what is important to this generation; millennials are focused on their needs and life goals. Money and security is not their biggest concern and lifestyle and flexibility is important to many. Discuss the important facts of life; you need money and a strong financial foundation as well as the ability to accumulate cash growth and be able to protect assets (including minimizing taxes) to be able to live the lifestyle desired. The idea that many want to let loose and enjoy life but some can’t because financial obligation is an undeniable reality. Make sure to talk realistic goals. Set into place a plan that can get a young person to an attainable goal. Save and put money into insurance and get the reward of planning now to be able to make paying for future expenses attainable.
Life insurance also gives you the option to tailor a plan to your life; and access this accumulated money to invest in many other life dreams. You can explore different forms of life insurance and insure a better financial foundation for your family once all the expenses are paid. It is now even more prevalent with the way of the economy for a parent to enlighten their child wherever and whenever they can on the importance of starting young with life insurance, financial foundation and investing. The conversation of insurance for parents as well as their millennial children and even their children is a plan that needs to be put in place.
The talk may be AWKWARD, uncomfortable or just a little confusing but never too far away to discuss. You are never too young to start a life insurance plan that will secure your family and even the awarded ability to take from it while living if need be (for more info refer to previous blog “ You Do Not Have To Die to Use Life Insurance”). Things must make sense for a millennial and they do not buy into things we do not understand or feel that we need so, parents and guardians sit down and talk some sense to make some cents.