5 Reasons That Young People Need To Carry Life Insurance
1. People depend on you
Whether you have children or not, you probably still have people that depend on you. A significant other could have their life hugely affected if something happened to you. Not only would they be dealing with grief, but that could also suffer from the financial stress due to the loss of your income. Will they be able to pay the bills, mortgage, car payment, medical bills? Life insurance can offer you peace of mind knowing that your family and loved ones are taken care of.
2. Costs are cheaper
Because you are young and healthy, you may be considered a low-risk client for a life insurance carrier. Low-risk means better rates. Life insurance can be inexpensive when you are young, healthy and a non-smoker. The longer you wait, the more prone you will be to serious medical conditions like heart disease and diabetes, which can drive insurance premiums up.
3. You have debt or cosigners
A big reason why young people need life insurance is student loan debt. For over half of college graduates who spent time earning a degree are now spending money paying it back. If a student has co-signers on their loans, they would be expected to pay the loans back if the student were to pass away. Life insurance can cover your family with almost any debt whether it’s loans, mortgage or even credit card bills.
4. Funeral expenses
Even if you aren’t married, someone will still have to cover the costs of your funeral. Funerals can cost your loved ones between $3,000 and $16,000. That’s a considerable amount of money to burden your family with. Life insurance can cover these costs and take the financial stress off your loved ones.
5. Your employer’s insurance might not be enough
Having a policy through work does offer some peace of mind, but what if you were to become sick and unable to work? It’s always a good idea to purchase your own policy in the event you were to become terminally ill or pass away unexpectedly.
There are many reasons and benefits to purchasing a life insurance policy while you are still young and healthy. Curious about how much term life insurance would cost you? CoVerica offers free insurance quotes with the freedom to window shop without giving away personal contact information. We will only need this information once you decide to apply. It doesn’t hurt to look.