By Chuck Bentley

Fewer than 20 percent of millennials say they’re likely to buy life insurance, according to a LIMRA survey, an insurance research and consulting firm. Sixty percent say internet, cable, and cell phone bills are higher priorities, while about 3 out of 10 millennials say saving for a vacation is more important than purchasing life insurance.

David Marlett, a professor in the department of finance, banking, and insurance at Appalachian State University says young adults must consider the following:

* How much money your family would need to cover funeral expenses if you were to die unexpectedly?

* How much would be needed to replace any income that you’re contributing to your family?

I think life insurance is a good idea. Some Christians say it demonstrates a lack of faith. I argue that it demonstrates good stewardship to be sure your parents or heirs do not have to struggle with funeral costs, unpaid debts, or future financial needs if you were to die unexpectedly.

Also, don’t simply rely on a small amount of coverage you may have as a rider to a group health policy. Consider the benefits of term or whole life insurance. Term life insurance maybe the best option for a 20-something on a budget. It covers you for the number of years you choose and is relatively inexpensive. Another option is permanent life insurance, which costs more than term but covers your entire life.

Consider adding life insurance into your budget. There are lots of web-based resources to help you calculate how much you need and the rankings of life insurance companies. My main point is not to delay, thinking it is unimportant or that you don’t need it. Death is not optional for any of us.

Originally posted 6/3/2015.