Millennials aren't immune from conversations surrounding life insurance, though they tend to steer clear of it. In reality, life insurance is a powerful tool that can make a huge difference in anyone's life, from the point of purchase to the day they die. Not only can life insurance be a valuable financial tool helping to round out a portfolio for the policyholder, but it also protects those they love long after they're gone. 

Finding and securing life insurance as a millennial should be relatively easy, but inconveniences like medical exams can quickly get in the way. Read on for a breakdown of life insurance, including life insurance with no medical exam, and to better understand why 45% of millennials are aiming to purchase life insurance. 

How Life Insurance Works for Millennials

For the most part, life insurance for millennials works the same as it does for other generations. Best of all, it usually only requires a few steps. 

• Determine the necessary policy amount
• Find a life insurance company
• Submit an application and relevant paperwork

After approval, policyholders will receive all the necessary information to maintain their policy and should keep it handy for when their beneficiaries may need to access it. 

One area where life insurance can differ for millennials, or young adults in general, from older generations is the ease of applying.

The Benefits of Getting Life Insurance as a Millennial

Smoother Applications

The older one gets, the more challenging it can be to secure life insurance coverage. Usually, life insurance companies are hesitant to issue policies to unhealthy individuals as it increases the likelihood of early payout. However, it's a fact that as people age, they are more likely to experience health issues, which is why many life insurance companies require older applicants to take a medical exam before approval. To avoid this, apply when young and healthy. 

Better Rates and Coverage

Not only does being young help with the application and approval odds for life insurance, but it can also provide access to better rates and coverage. The less risk a person poses, the better they can expect their life insurance terms to be. Lower premium amounts with higher benefit payouts are always preferable and, luckily for millennials - more likely. 

Policy Types

With a general understanding of how life insurance works and the benefits of purchasing young, it's also important to know the types of life insurance available. Term life insurance is one option that can be a great choice for millennials.

Term Life Insurance

Term life insurance is a policy that is only valid for a specific amount of time. For example, if a person purchases a 10-year term policy, their policy will expire 10 years from the date of implementation. In some cases, they may be eligible to extend the policy. However, this depends on the insurer and is not always possible for every scenario. While term life insurance is typically flexible and affordable, especially for younger generations, it does not last forever. 

Why millennials should consider life insurance

Just because you're young and healthy right now doesn't mean you should ignore the benefits of life insurance. Many millennials are waiting later to enter the workforce, buy homes and have children, so it stands to reason that many are also waiting longer to buy life insurance. In addition, studies have shown they also overestimate life insurance costs and don't think it's as important as other monthly expenses. However, there are plenty of reasons to prioritize life insurance sooner rather than later.

Fidelity Life offers policies including no medical exam life insurance, making it faster and easier for people to get coverage. First, an applicant provides information to help match them with a life insurance policy that meets their needs. Then the applicant can select the policy and get a quote online or with the help of a licensed agent. Fidelity Life will then guide the applicant through the application and purchasing process.