You’re young and healthy and purchasing life insurance. Wait…what? Why would you spend money on something that seems completely unnecessary at your age? Then again, is it really irrelevant? Should college aged or recent graduates consider this type of investment? Let’s take a look at why young adults should have life insurance policies.
Younger = Cheaper
The younger you are, the less you’re going to pay on premiums. Insurance companies determine rates according to risk factors like age and health. So youth and good health work to your advantage. Additionally, your rate will always be based on these factors at the time the policy is purchased – so if you were to develop any health issues later in life, you will avoid having to pay higher premiums. So, not only is it cheaper, it’s yet another way to be prepared for the future.
Student Loan Debt Is Not Forgiven
Unfortunately, in the event of an untimely death, your student loan debt remains and is not forgiven. Someone will be held responsible for payment. Many times that means parents who may have co-signed on the loan or a surviving.
Funeral Expenses are Expensive! (Yet Another Reason Why Young Adults Should Have Life Insurance Policies)
Imagine, on top of having to cover your student loan debt, your survivors will need to pay your funeral expenses as well. No matter what age, funeral costs can be a major financial hardship on families. Life insurance can help alleviate that burden.
Consider Term Life Insurance
Term life insurance premiums are set at a fixed rate for a specific period of time and are much more affordable than you may realize. If you are debating whether you can afford life insurance, term life is the least expensive option. You can actually obtain a free an instant life insurance quote on our website.
Many people think that it’s an unnecessary expense to purchase life insurance when you are young and healthy. However, this may be the best time to invest due to low costs and eligibility for affordable plans. As you can see, there are many justifiable reasons why young adults should have life insurance policies. It’s never too early to plan ahead and ensure that your loves ones will be protected.
