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Millennials have a lot on their plate. Higher unemployment rates, reduced salaries, and an unstable economy all shape their day-to-day, forcing them to devise clever budgets that go beyond just ‘stretching’ a dollar. However, no matter how difficult circumstances may be, life insurance is still a near necessity in the modern era.

It is difficult for younger generations to understand that. They have better health. They have fewer dependants. They have more time—but they don’t have experience. Insurance does far more than merely help ailing spouses or even dependents in general. It alleviates co-signers, protects business, and is far cheaper than most imagine.

Although the vast majority of federal loans may disappear when you die, the lion’s share of private loans do not. When they are banking on you to finish school and begin paying them back with annual income, they expect you to pay them back regardless of whether or not you do, in fact, get that job. Should tragedy strike and cut your time short, that debt does not disappear, but rather is shouldered by whoever was unfortunate enough to co-sign your loans with you (your parents).

Term life insurance, however, is an excellent option to mitigate such financial catastrophe. It provides coverage for a stated period of time at generally low cost, and by the time that stated period is slated to end, loans should be mostly (if not all) paid off. What’s more is that term life insurance is a far cry from expensive.

According to the financial management website NerdWallet, a 30-year old nonsmoker female can attain a $500,000 policy for a monthly premium of $18 to $28. This measly monthly fee and the monstrous payout (should it be necessary) speak for themselves. Although inquiring individuals will likely have to answer a few health-related questions when getting a quote, the process is hardly extensive. At the very least, it’s worth seeing how much life insurance would be, and it’s easy to do so at sites like NerdWallet, PolicyGenius, and SelectQuote.

Outside of personal life, insurance protects business. Key-man policies cover the lives of a business’ critical personnel and compensate the business with the resources necessary to recover from any financial loss incurred by an untimely death. When taking into account the pivotal role of leadership positions and the equity generally held in those leadership positions, it is of the utmost significance to obtain protection.

Millennials may think they don’t need insurance, but if it can be afforded, it should be bought. It’s the financially responsible decision, and it protects those you love most from potentially crippling debt.