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Life Insurance for Baby Boomers, Gen X & Y

July 14, 2021
Our goal is to educate and advise on life insurance options, so you can feel confident in making the right choice, whether that’s through Quotacy or somewhere else. To ensure we provide accurate and trustworthy information, our writers follow strict editorial standards.

Life brings many changes, which brings the need for life insurance. Purchasing life insurance has never been easier because here at Quotacy you can research, compare, and buy life insurance from the comfort of your own home at any time.

Life insurance is very affordable, especially if you are young and healthy. But no matter what decade you belong to, chances are you have a need for life insurance.

Generation Y

If you’re part of Gen Y, more commonly known as Millennials, you probably remember growing up a fan of either Britney Spears (#freeBritney), Blink-182, or Eminem… but heaven forbid if you were a fan of both Backstreet Boys and NSYNC. It just wasn’t allowed, you had to choose one or the other.

As a Millennial (those born between the early 1980s and early 2000s), you’re probably independent and on your own, and you may even have young children. You’re working hard to make sure to pay rent on time, slowly pay off your student loans, and attempting to save for your children’s future.

Now is an ideal time to purchase a term life insurance policy. If you do have a partner and/or kids, chances are they all heavily rely on your income.

Not only is now a time in which financial protection is probably sorely needed, but it’s also surprisingly affordable. Because the younger you are, the cheaper it is. And Millennials are guilty of overestimating the cost of term life insurance by three times the actual amount.

See how little life insurance may cost you right now. No contact or personal information required to see quotes in real-time.

» Compare: Term life insurance quotes

Once you buy a term life insurance policy, your premium is locked in for the entire term. For example, a healthy 30-year-old male can purchase a $250,000 term policy that lasts 30 years for as little as $18 per month. This $18 rate will never increase those 30 years even if we were to develop a serious medical condition.

See what you’d pay for life insurance

Comparison shop prices on custom coverage amounts from the nation’s top carriers with Quotacy.

Generation X

As a member of Gen X, you probably had a mix of records, tapes, and CDs. Music icons ranged from Madonna to the Beastie Boys to Nirvana and, of course, Michael Jackson. (Who doesn’t know the lyrics, and probably entire choreography, to Thriller?)

Like many other Gen Xers, you now probably have quite the list of responsibilities—potentially including supporting adult children and aging parents at the same time.

With people living longer every year, the costs of caring for an aging parent are rising as well. Do you have people in your life who are willing and able to step up to the plate if you suddenly passed and your parent needs help?

Your unexpected death would create financial hardship for your loved ones. Term life insurance is an affordable way to make sure your income is replaced in the event of your death.

If you own a home, life insurance needs increase significantly. The burden of paying a mortgage can cause financial strain quickly if one suddenly finds themselves going from a dual- to a single-income household.

The death benefit of a term life insurance policy provides the surviving spouse funds quickly. This money can be used to pay for a number of things including a nice funeral, mortgage payments, and end-of-life medical expenses.

It can also provide a cushion to take time off work to be with family, and make sure the hopes and dreams you had planned out for your children are still attainable.

Perhaps you got a new job? Review your life insurance coverage any time you leave a company.

Any employer-sponsored life insurance policy you had will usually terminate, so you will need to find out if the new company offers this benefit. You may need to look into purchasing additional life insurance coverage on your own.

Maybe instead of a new job, you decide to become your own boss and start a business. Term life insurance can be a powerful tool in attaining a small business loan and making sure a business can continue running even after the death of a key employee.

Baby Boomers

The music of the Baby Boomer generation can generally be summed up in one word: Woodstock. But if that wasn’t your scene, you may fondly remember listening to The Beatles or Elvis (those gyrating hips! How shocking!)

You’re likely getting close to retirement, if you’re not already there. How are your retirement accounts sitting? Do you have any type of long-term care plan in place, just in case?

Life insurance will be costly for people in this age range. However, a policy can still be very beneficial.

Baby boomers can use life insurance as income replacement for your surviving spouse, supplemental retirement income while you’re alive, used for estate purposes, and as an inheritance.

Term life insurance and various types of permanent life insurance are options for you. Talk with an agent today to make sure you get the right policy for your situation.

Already have life insurance? You’ve lived a long life so far. Much has changed, and your life insurance needs may have changed as well.

Be sure to review your policy to make sure your coverage is enough and the beneficiaries are up-to-date. Life insurance is not a “set it and forget it” product. It’s important to review your policy often to ensure it’s in place to carry out your financial wishes if you are no longer around.


Regardless of your generation, we all have something in common: we want what’s best for our loved ones and want them to feel financially secure. When you buy life insurance, you are securing peace of mind for you and your family.

Don’t leave your most important assets unprotected in the sudden event of your death. Quotacy offers instant term life insurance quotes without requiring any personal information to see pricing.

» Calculate: Life insurance needs calculator


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