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Insurance Education

Life Insurance Plans for Young Adults

April 5, 2017

Buying life insurance seems like the ultimate act of adulting, right?

When we’re young, there are so many experiences we still want to have and tangible things we still want to own…spending money on something that only provides benefits after we’re gone can feel downright ridiculous.

But here’s the thing: life insurance is important at EVERY age.

Life is beautiful, and life is exciting, but life is also a little fragile. A little uncertain. And when it ends, the people closest to you are inevitably impacted. We think a lot about the emotional impact of death, but we tend to avoid contemplating the financial impact. It’s hard to be sad and practical at the same time.

And that’s exactly why you should consider life insurance. Because the grief is inevitable, but the financial burden isn’t. Our Life Covered℠ is here to help break down some options so you can get back to living that bright and beautiful life of yours.

Term Life

The most popular type of life insurance among young adults is term life insurance. Why? Well, simply put, it’s the least expensive. This means you get to be responsible AND still have money for vacations, shoes, tacos, etc.

A young adult who's relatively healthy and doesn’t smoke can typically get term life insurance for around $200-$600 a year. We know the whole “for the price of your morning latte” comparison is a little cliche, but seriously…just think about it.

Term life is so named because it only lasts for a certain amount of time, usually 10-20 years. Typically, you are given the option to purchase additional coverage after the policy term has concluded. Rates will most likely be higher as you age, but that’s ok, because you’ll be ready to accept your status as a grown-up by then.

Whole Life

Whole life insurance isn't as common among young adults because the initial premiums tend to be higher, but the advantage of whole life insurance is that it provides lifetime coverage and accumulates a cash value over time.

If you want to buy one policy and then not have to think too much about life insurance ever again, this could be a good option for you…the premiums are typically level, and you’ll have a permanent guarantee that your family will be protected.

Why Young Adults Need Insurance

We don’t WANT to need life insurance when we’re young. Of course we don’t. Ideally, we’d get around to buying life insurance around age 99 and leave our bodies peacefully behind a few years later. But we can’t do that, because we just don’t know.

The healthiest of us get sick. The most cautious of us have accidents. Maybe you won’t. PROBABLY you won’t. But what if? Whether it’s your children, or your parents, or your spouse, someone you care about will be faced with end-of-life expenses and unresolved debts.

Choosing to purchase life insurance before you think you need it isn’t an act of fear…it’s an act of love.

Our Life Covered can help you find a plan that’s right. Right for you right now. And right for the people you love the most when they need it the most.
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