According to the survey, people ages 25 to 34 (millennials) most often purchase life insurance to help take care of their loved ones after they’ve passed away. Among millennials, the top reasons for purchasing life insurance were to:
· Provide a spouse or partner with replacement income
· Help provide for their children
· Cover funeral costs
· Pay for a mortgage to keep their family in their home
· Saving for retirement or an emergency
· Paying daily or monthly expenses
· Paying their mortgage or rent
· Reducing credit card debt
Amica Life recently launched AmicaLifeLessons.com to help people better understand their life insurance needs throughout various life stages. The site provides consumers with educational guides, helpful videos and an easy-to-use life insurance needs calculator. Amica Life also recently introduced the option to apply online for term life insurance on its websites, including AmicaLifeLessons.com.1
“It’s critical for everyone to understand that life insurance can help them address financial responsibilities beyond their mortgage and final expenses,” said Ted Shallcross, senior vice president and general manager of Amica Life. “We hope the tools we’ve introduced help educate consumers and give them greater peace of mind.”
To learn more, visit AmicaLifeLessons.com.
1Online application not available in all states.
About Amica Insurance
Amica Mutual Insurance Co., the nation’s oldest mutual insurer of automobiles, was founded in 1907. The company, based in Lincoln, Rhode Island, is a national writer of auto, home, marine and umbrella insurance. Life coverage is available through Amica Life Insurance Company, a wholly owned subsidiary. Amica employs more than 3,500 people in 44 offices across the country. For more information, visit Amica.com.