Is life insurance important to consider? Certainly it is important at any age. If you are between the ages of 20-30 years of age, now is the best time to invest in a life insurance policy. A life insurance policy is something a young adult may feel is not necessary. Young adults has feelings of invincibility. They are not worried about dying yet. A life insurance policy provides protection and comfort to your family in case of an unexpected tragedy. We would not want them to suffer with the grief and also have to take on the burden of your funeral expenses and any outstanding debts you might have.
When you are young and in good health, is the time to get a life insurance policy. This is when you can take advantage of a low rate. You believe you can wait and do it later. Yes you can, but your rate will be higher. Did you ever think what would happen if your health deteriorates? You might not qualify for a policy. The purpose of life insurance is to make sure that your children, spouse,or other family members who depend on you for financial support would be fine if you should die prematurely.
Single adults without dependents would find life insurance to be of financial assistance for aging parents or a disabled family member. Married young adults with no children may think it is alright for them to delay getting life insurance. However, if there is only one wage earner, a life insurance policy would be a protection for the surviving spouse to cover any debts incurred prior to his death.
Married young adults with children should absolutely purchase a life insurance policy. The policy would provide replacement wage for the surviving spouse, pay funeral costs (funerals can be very expensive-burial plot, casket, etc. ) estimated to be about $7000+.
Important reasons for young adults to consider purchasing a life insurance policy:
- Cheaper to enroll when you are young and in good health. Insurance is cheaper.
- It prevents the risks that health issues later in life either make you uninsurable or high premiums threaten your ability to financially add the premium to your household expenses.
Why should you purchase a life insurance policy as a young adult.
- It is cheaper to buy a life insurance policy when you are young and healthy
- If parent, other family members, or friends co-sign with you for student loans, maybe mortgages, etc., they will be responsible for the amount of the loan still owed, and also responsible for your funeral costs.
- You support other family members–elderly parents,special needs siblings. Life insurance will insure financial support for them if something should happen to you.
- Leave a legacy. No debts or other obligations? You can leave a trust for your children. No children? Provide a tax-free legacy to a niece, nephew, etc.
- Another option would be to leave the insurance money to a charity in the name of a love one, or a charity that did research to find a cure for the disease from which your love one died.
- If you are a co-owner of a business, this policy would guarantee the business would survive and that your share of the business would be paid to your heirs.
A life insurance policy gives you the confidence that your love ones will be financially provided for and/or will take care of all dependents you supported. No matter what age, life insurance is important to be considered–the sooner the better