Less than half of millennials have life insurance — here's why that's a problem

Life insurance is also cheaper and easier to get when you're younger. While many factors go into determining premiums, age plays a significant role. It may seem challenging to add yet another bill to your budget, but it will save you money in the long run.

How to find affordable life insurance
Life insurance doesn't have to be expensive. If you're looking for affordable coverage, consider term life insurance, which covers you for a specific period — usually between 10 and 30 years. If you pass away while your policy is active, your family receives a death benefit.