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Insurance Education

5 Reasons Life Insurance is Important for Young Adults

May 9, 2017

Protecting the people you love is an all-ages show. 

Think you’re too young to need life insurance? Our Life Covered  is here to break it to you gently...you’re not. We’ll help you find coverage that works for exactly where you are right now.

There’s no age at which shopping for life insurance suddenly becomes your idea of a fun Friday night. But the younger you are, the more challenging it can be to talk yourself into setting aside the time, emotional energy, and especially the funds required to buy a life insurance policy.

Because life is as breakable as it is beautiful, it’s a really good idea to have insurance no matter what age, stage, or situation you’re in. Want one good reason to buy life insurance as a young adult? How about five…

Accidents Happen

No risk, no reward.” “No pain, no gain.” “Do one thing that scares you every day.” “You’ll only regret the chances you didn’t take.” “Life begins at the end of your comfort zone.”

How many of these phrases have you heard/seen on a shopping bag/shared on Facebook in cute calligraphy-covered graphics?

It’s human nature to seek adventure…to crave the exhilaration of risky behavior. And the younger and healthier we are, the more we tend to act on the impulse to live a little dangerously. Does it mean better stories? Sure. Does it mean an increased possibility of tragic accidents? Absolutely.

So carpe that diem and all, but boldly and bravely acknowledge your impermanence by heading to ourlifecovered.com first.

People Depend on You

Often at some point during young adulthood, significant relationships form. We get married. We decide to cohabitate. Sometimes we have kids. We find ourselves suddenly surrounded by people with whom we exchange and experience joy, and a lot of that joy comes from taking care of each other.

But what if? If something happens to you, what will happen to your family? When you’re young, that means your partner and your children still have a lot in front of them. Years of mortgages and utility bills left to pay. Many seasons and sizes of clothes and shoes left to buy. Emergencies. Extracurriculars. College.

A life insurance policy can help make sure the people you love still have some of what they need even if you can’t be around to help give it to them. And that’s pretty awesome.

Your Debt Becomes Someone Else’s Debt

Most people enter their twenties with some sort of debt. College loans, car loans, home loans, credit cards…it stacks up like one of those giant Jenga games on a bar patio, and as a young adult, you probably haven’t had time to make much of a dent in the payments yet.

Unfortunately, death doesn’t dissolve debt…but if you don’t have life insurance, it does transfer responsibility for that debt to someone else. And you don’t want that. So get life insurance.

Dying is Expensive

The going rate for a traditional funeral service with a casket and a wake is about $8,000 -$10,0001. If you have that kind of cash set aside as a young adult, you are probably in the minority.

Cremation is more affordable, but even that route can cost $2,000-$4,000 or $4,000-$6,0002 if it follows a funeral service.

So take a deep breath, get yourself into a productively morbid mood, and talk to your people about end-of-life preferences.

Then buy a life insurance policy that covers at least those final expenses, because even families who are comfortably middle class aren’t usually equipped to pay for an untimely funeral. At least not without taking that money from somewhere else that it’s needed.

You Keep Getting Older, Your Premiums Stay the Same Low Rate

…if you buy your policy NOW, that is. Typically, the younger you are when you purchase insurance, the lower your rates can be.

Since most policies lock you into that rate for their duration, buying now means less to worry about later. And having less to worry about later means you get to spend more time eating fancy tacos and going on vacations, all the while enjoying not only jicama-slaw-topped short-rib-stuffed housemade tortillas and sand between your toes, but also the peace of mind that comes with knowing the people you love are protected because you made a darn good decision at an impressively young age.

All set to carpe that life insurance policy? Our Life Covered is your new BFF. Head to ourlifecovered.com to get a quote right this minute!

  1. Parting: https://www.parting.com/blog/how-much-does-the-average-funeral-cost
  2. Parting: https://www.parting.com/blog/category/funeral-and-cremation-faqs
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